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GBPUSD fell another 270 pips last week. On Friday, the largest single-day decline of the week, the pair broke key support at 1.606. This presents an interesting opportunity going into next week.
The next key support level doesn’t appear to come in until the 1.572 area, giving us about 340 pips to work with. The 1.572 level is represented by weekly highs in 2012 as well as highs from 2013. It is also the 61.8 Fibonacci retracement level from the July 2013 low to the July 2014 high.
Given the extreme bearish momentum and the break of key support last week, we could see this pair drift toward the 1.572 level over the next few days/weeks.
Summary: Wait for a possible retest of 1.606 as new resistance and then watch for bearish price action. Key support comes in at 1.572.
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