The rebound effort has stalled at the down trend line from early March, now at 1.5000 (back from 1.5027) and the move to a new cycle low has reinforced bearish pressures.
The Wednesday plunge through 1.5000, 1.4989 and the prior cycle low at 1.4951 sets a still more bearish trend theme.
Short-term Outlook - Downside Risks:
- We now see a more negative tone with the bearish threat to target 1.4813, the 2013 swing low.
- Through here would aim for 1.4500 and maybe for key supports at 1.4295/28.
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Monthly GBPUSD Chart