GBP/USD Technical Analysis - Prices broke support at 1.4963, the 123.6% Fibonacci expansion, exposing the 138.2% level at 1.4860. A further break below that aims for the 150% Fib at 1.4777. The 1.4963 mark has been recast as resistance, with a move back above that eyeing the 14.6% Fib retracement at 1.5165. 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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