GBPUSD 1.5348: Sharp fall reaches key retracement zone

GBPUSD extended the sharp fall from 1.5418 (may 14, 2015 high) via the 1.5699 lower high (May 21) to reach 1.5320 (May 27, 2015) near 61.8% of the 1.5088/1.5814 rise and 38.2% of the 1.4565/1.5814 upswing) where consolidation may set in. 1.5436 (May 27, 2015 high) and then 1.5506 (May 25, 2015 high) may cap the bounces. Further weakness below 1.5320 would resume the downleg towards 1.5255 (76.4% of the 1.5088/1.5814 rise) and then 1.5163 (May 7, 2015 low) near 1.5189 (50% of the 1.4565/1.5814 upswing).
Outlook:
Short term: bearish
Long term: bearish