GBPUSD falls towards 38.2 fib of the June swing up
The manufacturing numbers have confirmed a pretty crappy second quarter for the sector and the market is starting to think that GDP might be as bad as Q1
There was support around 1.5670/75 but it ain't there no more. Next technical support comes in around the 38.2 fib of the June move up at 1.5639 and then at 1.5630
GBPUSD H4 chart
The area around the 16th & 17th June is also providing support, and before the Greek headline I just posted, we were finding resistance at 1.5655 after falling through those former resistance points. We're back above now and so they are likely to become support once again. Up here we're already seeing the broken 1.5670/75 level acting as resistance too after the break
GBPUSD 15m chart
Get back above and we could well move back higher towards 1.5700. Stay below and we're more likely to test the downside again
