Outlook for GBP/USD

BofA Merrill Lynch notes:

We are turning much more negative on GBP/USD. The corrective nature of the rally from the 100d, at 1.5171, and the potential for an impulsive decline from the 1.5815 high of May-14, says that the long-term downtrend remains intact and is about to resume toward 1.4565. 

Indeed, while slightly shorter term than our usual trade recommendations, there is an excellent opportunity to sell GBP/USD at current levels (now 1.5369), target 1.5100 and risking 1.5448.