Currently we have very clear situation at GBPUSD. After support breakout (1.4600) price tested it from the bottom. Reversing the polarity was confirmed and last support has become new resistance which is clearly visible in the chart below. Demand couldn’t go back even for a moment above 1.4600. Further target for falls could be one of supports from 2010: 1.4400 or 1.4250. If price falls below them it is almost certain that price will reach below 1.4000 level.

Attention should be paid to the GBPUSD nearest Thursday when the central bank of England publish its decission on interest rates. A likely scenario is a test of one of the indicated levels and rebound on Thursday’s BoE decision.

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GBPUSD-H4

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