The GBP/USD has been bullish since April after making a low on the year at 1.4564. However, in May, the rally started to become more choppy. Still, cable was able to make a high on the year around 1.5929. The question is whether that will be it for this year as GBP/USD is sliding sharply again. GBP/USD Daily Chart 7/8 (click to enlarge) The current slide is a cause of concern if you are bullish on GBP/USD as it also drags the RSI below 40, which reflects loss of the prevailing bullish momentum. But, it would be premature to say that GBP/USD has turned bearish since it is still holding above the 200-day simple moving average and arising speedline. These two key support factors seem to converge around the 1.5250 area. A break below 1.52 would likely trigger the bearish outlook. We might get some support around 1.50, but at that point we should limit the bullish outlook to 1.54 and open up the bearish outlook towards the 1.4564 low or at least the 1.46 handle, and more common support in 2015. GBP/USD 4H Chart 7/8 (click to enlarge)When we look at the 4H chart, we can see that the decline is accelerating this week as it breaks below a projected channel support and the 200-period SMA. The RSI has also fallen below 30, showing strong bearish momentum. For the bullish outlook, we will need to see a break above at least the 1.5645-1.5650 support/resistance area. The RSI would also need to climb back above 60 before we should consider the bullish outlook again.