GBPUSD 1.5600: Consolidates near 2-week falling channel support

GBPUSD extends the pullback off the 1.5929 YTD high to 1.5531 Monday (July 6, 2015 low), retracing over 50% of the 1.5170/1.5929 rise (as shown in the 240minute chart). A swing low above the 1.5487 support area (61.8% of the 1.5170/1.5929 rise) is expected. A strong push back above the 1.5643/1.5661 resistance zone would signal bottoming and shift the focus to 1.5775/1.5787.
Outlook:
Short term: neutral
Long term: bullish