Correction on GBPUSD on the way

FX:GBPUSD   British Pound / U.S. Dollar
Cable found some bid at the lowest levels in years. Engulfing candle 9th Jan would suggest bulls are in play for now. If the 200ma hold on 4h chart look for short positions from 1.540. Break above 1.5520 would open a door for more strength. Downtrend must be assumed until further confirmation.