GBP/USD plunges to major support

<p>GBP/USD (daily chart shown below) has declined sharply within the past two weeks to approach major support around the 1.5000 level. In the process, the […]</p>

GBP/USD (daily chart shown below) has declined sharply within the past two weeks to approach major support around the 1.5000 level.

In the process, the currency pair has given back nearly all of the gains it had previously made during February’s substantial rebound.

That rebound lifted the currency pair from its late January long-term low of 1.4950, which was slightly under the noted 1.5000 support, up to the late February high of 1.5551.

GBP/USD plunges to major support


Since that high, GBP/USD has made a steep plunge that has now threatened to resume and extend the entrenched downtrend that has been in place for the past eight months, since the July 2014 high of 1.7190.

With any further downside momentum that breaks down below the current 1.5000 support level, followed by the noted long-term low at 1.4950, the next major downside targets reside around the 1.4800 and 1.4500 support levels.

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