GBPUSD forex technical analysis
I can't leave you lot alone for five minutes. I pop out for a couple of meetings and come back to find cable smashed to bits
As Greg's highlighted already we're through the the 2014 low at 1.4950 and a close below could spell trouble
GBP/USD weekly chart
All is not lost for bulls though, as under here we have the 1.4812/30 double bottom from 2013 and the level has held S&R stretching back to 2009. If it capitulates there then we could have a quick trip down towards the May 2010 lows.
I don't know why we've fallen today and certainly can't see anything from Weale which should worry the market. Maybe there's been some pent up aggression from the euro's fall but I'm not sure. Either way it's a dip I'm buying as I've been waiting for a move down here. It was a point I was going to assess the position I've been building but I'm going to make that decision down at the next level at 1.4810/30