Overview:

• The GBP/USD pair broke the supports of 1.5511 and 1.5478. Besides, the supports turned back to resistance on February 27, 2015. Therefore, the pair has already formed a strong support at the level of 1.5475 on H1 chart. In addition, after breaking 78.6%, the trend started signing for the bearish market at this level. It should be also noted that the price has been set below 78.6% of Fibonacci retracement levels, and the price couldn't close above the resistance this morning. The downward trend is still strong. Consequently, the pair is likely to go down because the downward trend is still strong from the levels of 1.5511 and 1.5478. Equally important, the RSI is still positive at the same time frame of H1, so it calls for a new downtrend today from the above-mentioned prices. According to the previous developments, the pair is still going to move between 1.5470 and 1.5339. Thus, it is a good sign to sell below 0.5480 with a first target of 1.5420, and continue towards 1.5380 and 1.5340 (1.5339: 38.2% of Fibonacci retracement levels). At the same time, the stop loss should be placed above the last top at the price of 1.5530, because in any case the stop loss should never exceed your maximum exposure amounts.