Bears have got the upper hand and pushed cable back below key support towards the next target at the 50-day MA, at 1.5162.
It is possible that the recovery from the April lows, which has formed what appears to be an a-b-c corrective pattern may have finished and the current move lower is a resumption of the longer-term down-trend, although, its too early to be sure.
One major impediment to progress lower is the 50-day MA and this would be expected to provide strong support if touched by the pair.
There is support and resistance at 1.5089 and support at 1.5000 because it is a significant round number, psychological level. A break below the 1.5089 support level, however, would probably provide the necessary confirmation for a move down to 1.5000. 
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GBP/USD: Bears Currently Pushing Pair Lower; 50-Day MA In Sight
Published 06/01/2015, 07:42 AM
Updated 07/07/2019, 08:10 AM
GBP/USD: Bears Currently Pushing Pair Lower; 50-Day MA In Sight
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