Outlook in GBPUSD has turned neutral at the moment , the pair is in recovery mode as long as 1.5678 support holds on a daily closing basis , but note that recovery above the 1.5678 levels should be contained well by the key resistance 1.5775/1.5825 . If this important resistance is taken out on a daily closing basis , outlook will turn bullish towards the 1.5941/1.6022 levels and possible higher .
On the downside , support comes at the 1.5678 levels, losing this level on a daily closing basis will turn outlook towards the 1.5540 levels where a cut will open 1.5500 levels, further down will look for the 1.5400 levels.
In all , as long as 1.5678 support holds on a daily closing basis , the GBPUSD remains in recovery mode and further gains could be seen towards the 1.5775/1.5825 levels before the next fall. Below 1.5678 will restore the downside momentum and open 1.5540/1.5500 levels.
Intraday Forecast : Intraday outlook in GBPUSD is neutral with risk to the downside , resistance comes at the 1.5756 levels while support comes at the 1.5654 levels, stability below the 1.5756 levels on a 4 hour closing basis will build strong pressure on the 1.5654 levels , a clear break below 1.5654 levels will terminate the last bullish run and open 1.5540/1.5500 levels. On the upside , a clear break above the 1.5756 levels will recapture the 1.5825 levels , halt is likely but a clear break would open 1.5940 next.
In the medium term forecast , as long as 1.5789/1.5941 resistance holds on a weekly closing basis , outlook in GBPUSD remains on the downside towards the 1.5335 levels where a cut will open 1.5000/1.4813 levels , above 1.5941 will reverse risk towards 1.6237/1.6524 levels.