GBP/USD 4H Chart: Channel Down

The Cable retreated by more than four figures this week, and the sell-off is highly likely to push the pair down to the pattern's lower boundary in the nearest future. However, two major support areas are still due to be breached. The first one is represented by monthly S1 and weekly S2 at 1.5180, while later bears will face an obstacle at 1.5028/17 (monthly S2 and weekly S3). According to daily technical indicators and the majority (60%) of SWFX market participants, we may observe a positive rebound from any of these two support regions. However, any bullish move will inevitably meet a cluster of strong resistances, which starts at 1.5384 (100-period SMA) and ends around 1.55 (monthly PP).