GBP/USD rebounds from lows

GBP/USD rebounded to $1.4920 after having tested the 2013 low of $1.4830 on Tuesday. Yesterday the pair closed the day at $1.4860 (recent lows).

A break below the $1.4830 support opens the way for a further slide towards the $1.4230 area (2010 lows). We remain clearly bearish for the pair as long as the $1.5000 resistance holds. Danske bank strategists recommend selling the pair at $1.4900 targeting $1.4688 with stop at $1.4990. 

Later in the day all eyes will be on FOMC meeting minutes (18:00 GMT) and the Fed chairman Bernanke speech (20:00 GMT). New confirmation of the forthcoming Fed’s QE tapering will pressure the cable.


Chart. Daily GBP/USD

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