GBPUSD’s downward movement from 1.5551 extended to as low as 1.4849. Resistance is now at 1.5050, as long as this level holds, the downtrend could be expected to continue and next target would be at 1.4500 area. On the upside, a break of 1.5050 resistance will indicate that the downtrend is complete, then further rise to 1.5250 – 1.5300 area could be seen.
