GBP/USD fell on Friday, reversing entire previous day's gains and towards Wednesday's near 2-week low of 1.5530. At 1:00 pm GMT, the pair was at 1.5574, from  Thursday's close of 1.5635.

RSI on the 4-hour chart suggests GBP/USD is poised for a rebound and a break above 1.5625, which is the 23.6 percent Fibonacci retracement of 1.6093 (A) to 1.5484 (B), should take it to 1.5668 and then 1.5719, before entering the 1.5839- 1.5953 region.

If the pair fails to break though the 1.572 area, it could retreat and a fall below 1.5484 could push it to 1.5305, the level we get by mapping AB as CD.

Given the long-term importance of 1.53 area, chances of GBP/USD consolidating there until getting an opportunity to bounce back to 1.63 zone are high.


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