GBP/USD's rebound was limited at 1.5053 and dropped sharply since then. Initial bias remains on the downside this week. Decisive break of 1.4475 low will confirm fall resumption and should target 100% projection of 1.6456 to 1.4783 from 1.5521 at 1.3848 next. On the upside, above 1.4703 minor resistance will suggest that another rising leg of consolidation from 1.4475 has started and will flip intraday bias back to the upside for 1.5053 resistance instead.
In the bigger picture, as noted before, corrective rise from 1.3503 should have completed at 1.7043 already and fall from there is tentatively treated as resumption of the whole down trend from 2007 high of 2.1161. Such fall should target 61.8% projection of 2.1161 to 1.3503 from 1.7043 at 1.2310 after taking out 1.3503 low. On the upside, break of 1.5221 resistance is needed to be the first signal of bottoming. Otherwise, outlook will remain bearish.
In the longer term picture, the corrective nature of the multi-decade advance from 1.0463 (85 low) to 2.1161 as well as the impulsive nature of the fall from there suggests that GBP/USD is now in an early stage of a long term down trend. Rebound from 1.3503 should have completed and the whole fall from 2.1161 is likely resuming for 61.8% projection of 2.1161 to 1.3503 from 1.7043 at 1.2310 next.