Since the start of the year the currency fell more than 1.5% and fell more than 2.5% this past week. Last week the GBPUSD fell with a wide range, breaking below the upward channel and closed near the low of the week suggesting a strong bearish momentum. The Stochastic is displaying a strong bearish momentum and is below the 50 mid line suggesting a weakness in the pair. Last week the GBPUSD changed from a recovery phase to a bearish phase and is trading below all three moving averages the 10, 50 and 200 week moving averages signaling a clear move the 2015 low. Expecting a downward move to year low at 1.4566 on a break below previous week low at 1.5026 (scenario 1) or a bounce from a weekly support at 1.4964 could push the currency up to a key level at 1.5164 (scenario 2).