The GBPUSD fell below bottom trend line support at the 1.5540 level. The 38.2% of the days trading range comes in at 1.55458. Stay below this area today and the bears remain in control. Looking at the hourly chart, the price did extend below the bottom trend line support line which should have acccelerated the move down. However, that move failed and since that time the price action has been more range bound.
The next target below is the 1.54838 and 1.54747 which are the lows for the month of June. A movve below this level opens the downside for further selling momentum.
