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    GBP/USD holds 1.4450 intermediate support but remains vulnerable Haresh Menghani

    Following a sudden bullish spike to 1.4527, the GBP/USD pair accelerated the fall further below 1.4500 and before stabilizing around 1.4450 intermediate support. The pair failed to capitalize on better-than-expected UK trade balance data for the month of April. UK April trade deficit shrunk to £10.53 billion from £10.65 billion recorded in March. Meanwhile, a slide in the UK 10-year gilt yields to a record low, as investors seek relative safety of bonds ahead of the June 23 'Brexit' referendum, also seems to be weighing on the British Pound.Adding to it, a fresh bout of US Dollar buying interest at lower levels also seems to constitute towards the pair abrupt fall.From technical perspective, sustained weakness below 1.4500 handle has confirmed a bearish double-top chart pattern near 1.4600 handle on hourly chart. And hence, the pair remains vulnerable to continue with its downward trajectory.Technical levels to watchWeakness below 1.4450 horizontal support, the fall seems more likely to get extended towards 1.4400 handle, also nearing the projected downslide of the bearish pattern confirmation. Any further weakness below 1.4400 level might continue to find strong support at 100-day SMA, currently near 1.4350 region.Meanwhile on the upside, the pair needs to extend its momentum above 1.4500 handle beyond 1.4520 horizontal resistance, above which the pair is likely to witness a follow-through buying interest that could lift the pair towards 1.4555-60 horizontal resistance. Any further up-move beyond this intermediate resistance might continue to be restricted at am important resistance near 1.4600 handle, which if conquered seems to trigger a fresh bout of buying interest that is more likely to assist the pair back towards an important resistance near 1.4700-20 region. 


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