GBP/USD - The Short-Term Bounce is Fading
GBP/USD is losing its short-term bullish momentum. A break of the hourly support at 1.6186 (11/09/2014 low) would open the way for a test of the recent low at 1.6052. Hourly resistances can now be found at 1.6279 (15/09/2014 high) and 1.6340 (05/09/2014 high).
In the longer term, prices have collapsed after having reached 4-year highs. The breach of the key support at 1.6220 confirms persistent selling pressures and opens the way for further decline towards the strong support at 1.5855 (12/11/2013 low). A key resistance now stands at 1.6644.