GBP/USD - Breaking Support at 1.5330
GBP/USD has broken hourly support at 1.5330 (08/07/2015 low). Hourly resistance is given at 1.5930 (18/06/2015 high). We now target 505 Fibonacci retracement at 1.5248.
In the longer term, the technical structure looks like a recovery bottom whose maximum upside potential is given by the strong resistance at 1.6189 (Fibo 61% entrancement).