GBP/USD: Will The Pair Continue Its Descent?

Last week GBP/USD reached a very strong level of resistance at 1.5800 which coincides with the (89) MA on the weekly filter chart. The pair could not break above the resistance and moved to the downside again, descending to 1.5445, which is slightly below the (89)MA on the four hour filter chart. However, the pair quickly returned above the support at 1.5480 and formed a hammer candlestick on the four hour filter chart, which is an indication that it will likely start climbing again so it can test the resistance 1.5800. Despite this temporary pullback I am quite convinced that the bullish trend is not over yet.