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There is currently one strong technical level, namely the monthly pivot point, located directly between two trend-lines of the observed pattern. It implies uplifted volatility risks as there is lack of important levels, which may limit the Cable's movements. This scenario will become reality, once the mentioned monthly level is violated at 1.5298. Bearish sentiment should be reinforced by 100/200-period SMAs at 1.5347. According to weekly technicals, the negative scenario is the most probable one, meaning we are likely to see GBP/USD declining down to 1.5050 in the next two weeks, with April low (1.4565) being the main target for bears. Meanwhile, market sentiment is 53% long.
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