GBPUSD has bounced as far as our selling opportunity at 1.5085/90 and although we topped exactly here as I write, the outlook is more positive as long as we hold above 1.5070/65 today. We could then target resistance at 1.5120/25. We should struggle here initially but further gains not out of the question and target quite strong resistance at 1.5160/65. If we continue higher however look for a selling opportunity at 1.5200/05.
Failure to hold above 1.5070/65 means bears remains in control despite oversold conditions. We could target 1.5030, perhaps as far as November lows at 1.4998/91. Further losses meet trend line support at 1.4974/70 for a buying opportunity in oversold conditions. Longs need stops below 1.4950. A break lower is a sell signal to target 1.4910/05 then 1.4890/85.