The short term GBPUSD pattern is at odds with the other USD crosses, thus confidence is low in direction. There are 5 waves down from 1.5356 which suggests at least one more bear leg. A push above 1.5356 would negate the short term bearish implications. Bigger picture, wave 4 within the 5 wave decline from the 2007 high (2.1160) is probably still underway. 1.5735, the confluence of the 38.2% of the decline from 2.0162 / December 2008 high, seems a likely target. This level intersects with a resistance line at the end of May.
