GBP/USD poised to target downside below 1.5000

<p>GBP/USD (daily chart shown below) continues to carry a strong bearish bias as the modest pullback rally of early last week has failed thus far […]</p>

GBP/USD (daily chart shown below) continues to carry a strong bearish bias as the modest pullback rally of early last week has failed thus far to make any significant headway.

The currency pair continues to trade in a sharp bearish trend from the 1.7190 high in mid-July of last year. It kicked off 2015 with a dramatic plunge that broke down swiftly below the 1.5400 and then 1.5250 support levels.

GBP/USD technical analysis


A 17-month low of 1.5033 was hit in early January before the noted pullback rally occurred, which extended to mid-week last week. This rally hit a high slightly above 1.5250 resistance before retreating.

Currently maintaining pressure to the downside, the trend for GBP/USD has resumed its push towards lower lows.

With upside resistance continuing to reside around the noted 1.5250 level, the next major support targets for this downtrend reside around 1.5000 and then 1.4800.

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