Time for GBP/USD To Correct?

One has to go out to the weekly chart to see if the recent bull trend in the GBP/USD is for real. The bounce off the May 2010 lows has retraced beyond the 61.8% Fibonacci level of the latest bearish wave of a very significant down trend that started back in November 2009.

After 4 consecutive weeks of a price rally, GBP/USD hit resistance at the 1.5120 level where the pair has found support or resistance in the past (blue line). After rallying for 4 weeks and hitting a major support/resistance level, it should be expected that a correction occur.