GBP/USD: Making New Lows
GBP/USD has broken its support at 1.4967 (07/03/2013 low). Further weakness is favoured. Hourly resistances can be found at 1.4967 and 1.5083 (07/03/2013 high). An hourly support is at 1.4885 (08/03/2013 low).
In the longer-term, the break of the horizontal range defined by the strong support at 1.5235 (13/01/2012 low) and the strong resistance at 1.6302 (30/04/2012 high) calls for a medium-term decline towards 1.4231 (20/05/2012 low). A break of the resistance at 1.5321 is needed to negate this bearish outlook.