The British pound opened the week on the strong side after last week’s 6 year low against dollar (1.4556).
The recovery came as a natural process of taking profit by investors. A process we only see so often in the forex market - After so many traders joining to the party and shorting GBPUSD, making hundreds of pips in profit last week, the fear of losing these profits and the need to secure it are leading traders to close their positions and take profit,  their action revives the demand for sterling, resulting in its price going up against to the dollar. this goes on as the chain reaction of GBPUSD going up triggers more take profit orders.

So far the GBPUSD has completed a 500 pips (3.4%) correction since its bottom on November 13,
It might continue gaining in the short term, however the down trend is still very much intact, and the sterling is not out of the bush yet.

GBPUSD first major resistance level is around 1.5270, a clear break above it might send us to a more significant correction level aiming 1.5600.

On the down side, the first support area is at 1.4788, any break under this level might signal the end of the correction and a further move to test the bottom at 1.4556.