The bears continue to push cable lower after the 50 Fibonacci level (Yellow) at 1.5877 attracted strong selling interest back on the 19/06/2015. The next level to keep a close eye on will be the 61.8 Fibonacci level (White) at 1.5460, this level is likely to be tested in the coming sessions with cable still trading heavily.

GBPUSD H4

Moving down to the 1 hour chart we can see that the smart money has been selling into a number of 1:1 resistances levels since the 50 Fibonacci level (Yellow) mentioned above capped the run higher in cable.

The most recent 1:1 (Purple) and 38.2 Fibonacci level that coincided at 1.56115/25 has see aggressive selling from the bears over the last several hours.

The level that will attract the most attention in this degree will be the 1:1 (Yellow) at 1.5634 if the market is to see a correction from todays current low.

GBPUSD H1

Looking at the 5 minute chart we can see that the intraday players have also been seen selling cable aggressively on the 1:1 (Blue) that come into to play at 1.5550.

In my opinion the next resistance level that is likely to attract further selling interest from the bears will be the 1:1 (Blue) that currently comes in at 1.5519.

GBPUSD M5

* A 1:1 refers to a current correction being equal in length to a prior correction