Shrugging off the bad manufacturing data, cable finds the buyers once again

There's signs that we're trying to make a bottom around the low 1.38's but it's not overly strong and the lower low yesterday shows that the sellers are still able to overwhelm the buyers when they feel the need.

While the dips are being bought up there's certain levels the buyers need to take out before asserting real control.

GBPUSD 15m chart

1.4040 is the first level, though we're finding resistance at 1.4020. Above there we can attack the old Jan low at 1.4075/85, which was also a series of lows back in 2009.

I'm still not ready to believe we've seen the lows yet so I'm wary of chasing a move higher. The upside levels need to be taken out or we risk coming lower again as the buyers lose faith.