Tanalys

GBP/USD MT: under pressure.

Pivot: 1.5600

Our preference: SHORT position below 1.56 with targets at 1.5030 or even 1.48.

Alternative scenario: A break above 1.56 would call for further advance to 1.5770.

Comment: the pair has struck against its strong resistance (50% Fibonacci retracement) and has validated a bearish flag.

Trend: ST Ltd Downside; MT Range, we have been bearish since 15 MAY 2013 (1.5205).

Key levels Comment

1.5915 *** Horizontal resistance

1.5770 ** Horizontal resistance

1.5600 *** MT pivot point

1.5187 Last

1.5030 *** Horizontal support

1.4800 *** Horizontal support

1.4450 ** Horizontal support

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