GBP/USD (a 4-hour chart)
The buy signal is weak. The pair is above the cloud, the Kijun-Sen and Chinkou Span are below the price, the Ichimoku cloud starts growing.
If the price returns under the cloud, under the Kijun-Sen and Chinkou Span, the southern movement resumes.
Bollinger bands lines started narrowing its bands are directed upwards.
MACD is in the positive zone and growing. That is a good "yes" for an upward movement.
Everyone is waiting for the results on Cyprus. If Cyprus gets the financial support we can expect the growth of the pair. If all support measures are not taken by Cyprus the pound is likely to fall again.
In the case of the growth the pair will move to the level 1.5180, after consolidation at it the pair will continue to grow to 1.5250.
Pound can return to the downward movement if MACD turns down. That will be a signal.
The first target of the downward movement will be the level 1.4940. Should the pair break through this level and fix below it the pound will go to 1.4800.
Besides technical analysis be advised to consider the fundamental news as well when you make a decision.