for a couple of days GBP has failed to break downtrend & consolidation pattern that is taking place since April 1st. There was no lack of good news for the GBP lately (Construction PMI, Halifax, Manufacturing production), but dispite good news traders did not take pair above 1.5300. Even unemployment claims rise of 18k did not help GBP to break out. This is the evidence of strong pressure on a pair,and from technical perspective pair is on 21.6 fib. retracement as well as on 50 SMA resistance line. Trade is has good risk to reward ratio in case on another failure to break topside. Stops to start at 1.5350, and profit targets should be placed from 1.5150 and bellow.
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