GBPUSD 1.5613: Neutral–Pulls back within a 2-wk falling channel

GBPUSD extends the pullback off the 1.5929 YTD high to 1.5561 (July 2, 2015 low), retracing 50% of the 1.5170/1.5929 rise (as shown in the 240minute chart). A swing low above the 1.5466 support area (61.8% of the 1.5170/1.5929 rise) is expected. A strong push back above the 1.5661 resistance would signal bottoming and shift the focus to 1.5787 for a retest.
Outlook:
Short term: neutral
Long term: bullish