GBP/USD: Major Supply Keeps Sellers in ControlGBP/USDOANDA:GBPUSDStructure_ViewGBP/USD is once again testing the 1.3515–1.3530 supply zone, and buyers are struggling to establish acceptance above it. The pair has already reacted from this area several times, while the latest push higher is beginning to stall beneath the same resistance. That keeps the short-term correction scenario in focus. Why This Level Matters The current supply zone marks the upper boundary of the recent 1H structure. Price briefly pushed above 1.3520 earlier in the week but failed to hold the move, leaving another rejection from the highs. The first downside area sits around 1.3483–1.3490. This zone has repeatedly attracted buyers and should provide the first meaningful test if selling pressure increases. A break below that level would change the structure more significantly and expose the broader 1.3435–1.3445 major demand zone, which acted as the base for the latest impulsive rally. The important point is that I would not treat a move toward first demand as a full bearish reversal. At this stage, it would still be a pullback inside a broader consolidation. Market Context Sterling is trading cautiously ahead of two major data releases: U.S. inflation and UK second-quarter GDP. GBP/USD has remained relatively stable as traders avoid taking larger positions before those catalysts, with summer liquidity also contributing to subdued FX volatility. On the U.S. side, the dollar is waiting for July CPI after a weaker employment report reduced confidence in a September Federal Reserve rate increase. Futures markets recently assigned roughly a coin-flip probability to another hike, meaning a meaningful inflation surprise could quickly shift rate expectations and produce volatility across dollar pairs. The Bank of England, meanwhile, has kept Bank Rate at 3.75%, leaving sterling without a fresh monetary-policy catalyst until incoming inflation and growth data provide more direction. That makes the technical resistance especially relevant: with both sides waiting for macro confirmation, the market may continue respecting established ranges until fresh data forces a repricing. Trading Scenarios Bearish: Continued rejection below 1.3530 keeps 1.3483–1.3490 in focus. A confirmed break beneath first demand could extend the correction toward 1.3435–1.3445. Bullish: A sustained hourly close above 1.3530 would invalidate the immediate rejection scenario and suggest buyers have finally absorbed supply, opening the door toward 1.3550 and higher. For now, sellers still have a technical advantage at the top of the range, but confirmation comes only if first demand gives way. Does 1.3530 reject sterling again, or are repeated tests preparing the level for a breakout?