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GBP/USD - Moving Sharply Lower

GBP/USD is declining sharply invalidating the recent short-term uptrend and suggesting a deeper corrective phase. Next support can now be found at 1.5026. Hourly resistances stand at 1.5219 (05/11/2015 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.

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