Back when I saw that GBP/USD has reached the multi-year support level at 1.4950 I thought that this was a very good moment for correction to begin, because it was highly unlikely that the pair would break below the support so easily. It turned out I was right. Correction did begin and the pair started climbing. It is currently testing the resistance at 1.5400. Depending on whether or not the pair manages to break above that resistance we might see a new move to the upside until it reaches target 1.5550. I wouldn’t be surprised if that happens but I won’t open new long positions before it breaks above the resistance.