Strong GBP/USD May be Causing a Bullish Retracement

Based on my analysis of the EUR/GBP and GBP/CHF I established that the GBP appears to be strong and looking at the GBP/USD weekly chart I see that we may be bouncing off the lower Bollinger band soon and that the stochastics is in the oversold zone. On the daily chart we are within the Bollinger Bands and the stochastics is within the trade zone and there is really no reason for this pair to continue on its bearish path, hover, I cannot ignore that price is a distance from the daily 5 ema and I thing price has to make contact with it to continue downward. This of course does not have to happen, bearish conditions continue to exist. Price can continue to drop down to support at 1.5350 then bounce back up. Looking at the 4 hour chart I can see that price is touching the 4 hour 5 ema so it wont be long for us to see if the 5 ema will push price down further, however, I must note that price is also against last months low, this can be strong support.

Moving on to the hourly chart, I can already see that price has broken the descending trend line and the 5 and 13 ema's have lost angle and separation between each other and it even appears as though the 5 wants to cross through the 13 ema but at the moment, the hourly 21 ema seems to be forcing price down causing a bit of a fight.The hourly 21 will either force price to fall again to the previous week low around 1.5431 or it will break the 21 and head up to the hourly 55 which is overlapping with the weekly M2 and the upper Bollinger Band.

Moving over to the 15 minute chart it is obvious that the trend has already changed and that GBP strength is taking control. The 5 ema has crossed the 13 and 21 ema's and the upper Bollinger Band is already pointing up. I can see price heading up to the 1.5515 region before falling back down on its bearish trend. Based on the GBP strength and what I am seeing on the lower time frames I would consider a counter trend trade long off of pullbacks down to support. Price is approaching the daily central pivot point, a great opportunity to catch a pullback to take a long to the 1.5515 region which is overlapped with the 15 minute 233 ema and daily M3. Then I would be looking to get back into a short.