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Resistance and a sell-off in GBP/USD?

FX:GBPUSD   British Pound / U.S. Dollar
The GBP/USD             pair has some important levels of support/resistance beneath them: 1.5350, 1.5175, and 1.4975. They are significant because the retracement of the fall from 7/2014 may be over, and the question is can the 6/2015 high hold and will price begin to descend to the 04/2015 lows.

This downward sloping pitchfork and the story of a price it tells is significant because we may see the near-term future of the GBP/USD             told here. If resistance is enforced, and we break to new lows than price will fall much lower. The retracement as mentioned earlier is over, and a sell-off in the pair has resumed.

On the other hand, if price breaks through the upper median line and moves higher we are instead in a broad consolidation that can send GBP/USD             to retest the highs of 7/2014.

From a fundamental standpoint, we get UK CPI             numbers tomorrow and USD CPI             on Thursday. This plus Fed and BOE speak should significantly influence the pair.
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