GBPUSD 1.5505: Neutral – Tests 7-week range support area

GBPUSD slumped into the 7-week range support area around 1.5466/1.5450 (61.8% of the 1.5329/1.5689 rise). A break below there is needed to confirm near-term topping under 1.5689 and weaken towards 1.5420 (near 76.4% of the 1.5329/1.5689 rise) then 1.5329 (July 8, 2015 low). However, if the 1.5466/1.5450 area holds the downleg, there is scope for the pair to renew strength back up towards 1.5650 then the 1.5689 range ceiling (July 29, 2015 high).
Outlook:
Short term: neutral
Long term: bullish