GBP/USD - Sharp Decline Thru Key Support
GBP/USD has broken the support at 0.9007, invalidating the recent short-term uptrend and suggesting a deeper corrective phase. Next supports can now be found at 1.5140 (06/10/2015 low) and 1.5110 (30/09/2015 low). Hourly resistances stand at 1.5219 (intraday high).
The long-term technical pattern is negative and favours a further decline towards the key support at 1.5089, as long as prices remain below the resistance at 1.5340/64 (04/11/2015 low see also the 200 day moving average). However, the general oversold conditions and the recent pick-up in buying interest pave the way for a rebound.