The British pound is disappointing buyers again. After a few successful weeks of bullish correction, bears came back and struck powerfully. All troubles started below the 50% Fibonacci level, showing that buyers managed to correct half of the recent downswing. Unfortunately they did not manage to go any higher, and that started another bearish wave.
GBP/USD" title="GBP/USD" width="617" height="332">
Two days ago, sellers managed to go back under the 23.6 Fibonacci level and yesterday they just continued that movement, pushing the price to the very important support at 1.5020 that buyers are now trying to defend. As we can see, the reversal is very miserable, and according to the long-term trend, it should be broken soon.
The dollar is getting stronger across the globe, and there is little chance that the weak pound will stop that appreciation of the American currency. The minimum target for sellers are the minimums from the middle of March at 1.4830.