GBPUSD reached the 1.15 level late Friday, and today is moderately rebounding here. This is a normal reaction after hitting such a significant technical zone, but so far, it is too early to tell what could happen next. The trend is still down, and traders will have that in mind. Chances are there won’t be many willing to pick a bottom here and go long.

That said, there are some technical reasons to consider the possibility for a larger bounce here. Namely, 1.15 represents the major crisis lows from 2020 when the Covid pandemic broke out. Some bullish pressures are sure to emerge here; the only question is will those be strong enough, and how much can GBPUSD bounce here?

Below 1.15, it is uncharted territory for cable. There is that 1.05 low from 1985, but other than that, there are no clear support zones under 1.15.

To the upside, 1.17 is the first resistance zone in line. The 1.20 area remains important, of course, but is too far away from current levels at the moment.