GBP/USD: Key support by 1.5130 has been taken out, and the close below this level on Tuesday helps to reaffirm bearish outlook. From here, any rallies should be well capped by 1.5350, with a lower top sought out ahead of the next major downside extension to retest next key support by the 2010 lows at 1.4780 further down. Short-term levels to watch above and below come in by 1.5265 and 1.5045 respectively.
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
If you wish to discus this topic or any other feel free to visit our Forum page