GBP/USD: Short-Term Consolidation is Underway
GBP/USD is weakening after its surge higher near the support at 1.4832. A resistance lies at 1.5222 (11/07/2013 high), while a key resistance is at 1.5305. Hourly support can be found at 1.5062 (intraday low, see also the 38.2% retracement of the current bounce) and 1.4981 (previous resistance).
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 further medium-term decline. The recent sharp bounce does not change this scenario. A key resistance is at 1.5305.