GBPUSD extended the strong rally from 1.4565 (April 13, 2015 reaction low) to reach 1.5497 (April 29, 2015 high) before pulling back. The pair now enters the 1.5100/1.5006 Fibonacci support zone (as marked on the 240minute chart) which should hold the dip.
Back above the 1.5174 resistance (May 4, 2015 high) would suggest basing and offer scope for further upside towards 1.5248 then possibly 1.5396. However, a break below the 1.5006 area would dampen the near-term bullish tone and prolong the consolidation towards 1.4959.
Outlook:
Short term: neutral
Long term: bullish
Back above the 1.5174 resistance (May 4, 2015 high) would suggest basing and offer scope for further upside towards 1.5248 then possibly 1.5396. However, a break below the 1.5006 area would dampen the near-term bullish tone and prolong the consolidation towards 1.4959.
Outlook:
Short term: neutral
Long term: bullish
