Outlook in GBPUSD remains on the upside at the moment , support comes at the 1.5275/1.5213 levels , stability above this level on a 4 hour closing basis will push the pair towards the 1.5350 levels , a halt is likely but a break would open 1.5440 next , further upside will target the 1.5500 levels.
On the downside , support comes at the 1.5275 levels , below 1.5275 will open main support at the 1.5213 levels , losing this level on a 4 hour closing basis will turn outlook neutral and bring a corrective pullback above the 1.5118/1.5165 levels before the next rise . However ; to restore the downside momentum , losing the 1.5118 levels on a 4 hour closing basis is needed , If seen focus will be on the 1.5014/1.4987 levels..
In all , as long as 1.5275/1.5213 support holds on a 4 hour closing basis , outlook in GBPUSD remains on the upside towards the 1.5318/1.5350 levels ahead of the 1.5440/1.5500 levels..below 1.5213 will bring a corrective pullback above the 1.5118/1.5165 levels before the next rise..
On the daily time , as long as 1.5164 support holds on a daily closing basis , outlook remains on the upside towards the 1.5450 levels . Note that a failure to hold above the 1.5342 levels on a daily closing basis could mean a return to the main support at the 15164 levels before the next possible rise , however ; losing the 1.5164 levels on a daily closing basis will restore the downside momentum and open 1.4950 levels and possible lower…