GBP/USD:
1.5573
Very Short-Term Trend: Downtrend
Outlook: GBP/USD traded sideways for a day or so and then declined sharply yesterday - in line with our expectations. Now, the hourly downtrend is so strong that I don't think the 1.5500 level will provide any support. Honestly I do not see any significant support here until the 1.5420/00 area. So, I think it makes sense to hold short here with a target near this support.
On the upside, a move above 1.5650 is highly unlikely at this stage, but even such a move will not change the overall bearish picture here.
Strategy: Holding short from 1.5685 is favored against 1.5650. Target=1.5430.