The levels keep on getting checked off
The GBPUSD continues to check off the lower targets. The 1.5000 level then 1.4994. Then the 1.4975 trend line and now the 1.4950 which is the low going back to January. A move below the 1.4950 will put the pair in the up and down range that dominated in March and April. A move higher will run into resistance (or should) and the 1.4975 and then 1.5000 (just reverse the broken levels today).
The 1.4972-796 is now the 38.2%-50% of the last leg lower. This ties in nicely with the 1.4975 level from the daily chart (broken trend line) and also the broken trend line on the 5-minute chart below. Having said that, the sellers are dominating the trend day. So be careful.
Support is being tested hard now...
