GBP/USD - Remains Close to The Strong Support at 1.4814
GBP/USD needs to break the key resistance at 1.5274 (06/01/2015 high) to improve the shortterm technical structure. A support stands at 1.4952 (23/01/2015 low), while a strong support lies at 1.4814. An initial resistance lies at 1.5101 (02/02/2015 high).
In the longer term, the technical structure is negative as long as prices remain below the key resistance at 1.5274 (06/01/2015 high, see also the declining trendline). A full retracement of the 2013-2014 rise is likely. However, the strong support at 1.4814 should cap the medium-term downside risks.