GBPUSD fell lower on Monday and the correction of the rally from 1.4564 to 1.5497 looks set to extend lower. The pair has fallen below the 38.2% of this rally and support will likely be provided by the top of the daily Ichimoku cloud at 1.5090. This level held on Monday. Next support comes in at 1.5030 (50% Fibonacci and kijun-sen line). A move below this would encourage further weakness. RSI has fallen sharply and is close to the 50-point level.
Meanwhile to the upside, resistance comes in at the 23.6% Fibonacci at 1.5278 and a move higher would see a retest of the April 29 high at 1.5497. The 200-day moving average would likely cap the market around these levels.