We believe, the intraday as well as short term trading perspectives of GBP/USD: The bias remains bearish.The pair hanging on trend line supportPivot: 1.5490 on closing basis.For now in our opinion most likely scenario would be: Any breaks below 1.5490 on a closing basis looks for further tumble towards 1.543 & 1.536 as targets.On the flip side: Long positions can be established for targets @ 1.5505, 1.561 & 1.564 in extension.The recommendation would be buy binary At-The-Money puts at strike 1.5492 for 15 pips back again.Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.
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