The GBP/USD pair is heading downwards since the 4th of February 2016, with the sellers leading the price from as high as 1.4668 to as low as 1.4350.
During the course of the day on Friday, the pair fell aggressively from 1.4590 all the way down to 1.4350. Today, the pair rose initially up to 1.4546, but fell down, reaching the four-day lows of 1.4350. The price has now stabilised around 1.4397. In the event that the sellers resume their strong pressures and the price breaks below 1.4350, the pair could find support at 1.4309 and 1.4272 respectively.
Alternatively, in the scenario where the bulls attempt another retracement to the upside and the price breaks above 1.4471, profit targets could be set at 1.4510 and 1.4546 in extension.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.