GBP/USD: rebound meets resistance after a sharp decline

GBP/USD has bounced from around 1.3342 after a wider decline from the 1.3503 area. On the 15-minute Pepperstone chart, price is still below resistance near 1.3380.

Levels on my watchlist: • Resistance: 1.3380, close to the 23.6% Fibonacci retracement. The next area above is 1.3402–1.3403, close to the 38.2% retracement. • Support: 1.3362, then the recent low around 1.3342.

If a 15-minute candle closes above 1.3380 and that area holds on a retest, I’ll watch 1.3402–1.3403 next. A move back below 1.3362 would weaken that bounce.

If price is rejected around 1.3380 and a 15-minute candle closes below 1.3362, I’ll watch for a possible return to 1.3342. A sustained move above 1.3380 would weaken the rejection idea.

For now, I’m watching how price behaves between these levels. They are areas to watch, not guaranteed turning points.