When GBP/USD broke above the falling trendline seen in the 4H chart, I noted that the pair was shifting away from a bearish trend and has the potential of reviving the prevailing uptrend. GBP/USD 4H chart 7/16(click to enlarge)Also, price broke above the cluster of 200-, 100- and 50-period SMA. The RSI also pushed above 60. These are all signs that the market could be turning bullish again, putting the 2015-high of 1.5929 back in play. However, I noted that there was a key support/resistance pivot around the 1.5655 level. This can also be interpreted as the mid-point of the bearish correction we had late-June/early-July. We indeed saw cable being sold here during the 7/15 session. In the 4H chart we can see that price is under the key support/resistance pivot but also above some key support factors such as a rising speedline, a previous support pivot, and the cluster of 200- 100- and 50-period SMAs. A break below 1.5500 would clear the noted support factors and keep the GBP/USD bearish in the short-term. That would put the 1.5330 low in play. On the other hand, if these support factors hold, and price pushes above 1.57, cable would have cleared some key resistance levels and put the 2015-high of 1.5929 in sight. Because the prevailing trend going into the end of June was bullish, the 1.5929 high would be vulnerable to further upside risk, which can take the GBP/USD towards the 1.60 psychological level.