Currently the Pound has risen against the Dollar to test the 1.5700 level again, but the pair has trading below that level yet and pricing at 1.5690.

"I do think it is a corrective one (speaking aboout the decline movement) and my outlook on the senior frames remains bullish for 1.5780 and 1.5880. Intraday resistance can be spotted at 1.5700 and a violation of that level will unleash and uptrend for 1.5780", said Stoyan Mihaylov, analyst at Deltastock.com. "Major support on the downside remains projected at 1.5630".

On the other hand, "The GBP/USD failed to sustain a double top in the 1H chart when it respected the 1.5660 pivot last Friday (although initially cracking it)," comments Fan Yang, analyst for FXTimes. "The failure to close below 1.5660 was followed by a failed attempt to sustain a break above the high at 1.5733. Instead as you look at the 4H chart, the market looks like it is again attempting to form a double top. But as usual, a failed double top can be just a flat correction, if the market fails to break the base. In the 4H chart, we see that the “base” is also the channel support, so a break will be significant."