GBP/USD eyes support at $1.4130
The lows of the week continue to hold, with the question being whether this is a pause or the beginning of a potential consolidation. The 50-hour simple moving average at ($1.4186) continues to cap any upside moves, while so far dips back to $1.4130 continue to find support.
A break above this range heads towards $1.4240 and then $1.4330, the highs from Tuesday’s session.
However, so long as we hold below the 2010 low around $1.4230, the likelihood is that we see further downside towards $1.40, with the 2009 low at $1.35 a possibility in the longer term.