Pair falls below trend line support

The GBPUSD has fallen below the trend line at the 1.5307 level (see prior post). The level initial held support but that support has given way as has the swing high target from Feb 11 at 1.5298. This area is now resistance/risk for shorts.

The next major downside target now comes in at 1.5250 (50% of the years trading range). Watch 1.5268 as well this is near highs from mid january trade (see daily chart below. I would expect that the market comes in at the 1.5250-68 area should the price extend toward this area in trading today.