GBPUSD 1.5745: Neutral – Expects pullback towards 38.2% retracem

GBPUSD pulled back off the 7-month high at 1.5929 (June 18, 2015) to consolidate the upswing from the 1.5171 low (June 1, 2015). The pair is expected to test the 1.5653 support area (near 38.2% of the 1.5189/1.5929 upswing) where buyers may step in. However, if a deeper correction than expected would open the 1.5541 level (near 50% of the 1.5189/1.5929 upswing) which may contain the dips. Back above 1.5802 (June 24 2015 high) would stabilize the pair and shift the focus towards 1.5929.
Outlook:
Short term: neutral
Long term: bullish