GBP/USD Technical Analysis - Prices gapped below support at 1.5132, the 100% Fibonacci expansion. Continued selling from here targets the 1.50 level and the 123.6% expansion at 1.4964. Alternatively, a move back above 1.5132 aims for the 1.5296-1.53 area, marked by the 76.4% Fib and the major horizontal bottom dating back to September 2010. We continue to hold short.

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

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