FXstreet.com (Barcelona) - After flirting with the 1.4950 level in the early European session, the GBP/USD has broken this support and it has begun to fall below 1.4900 level to reach the fresh intra-day low at 1.4870. Currently, the pair is trading around the 1.4880/1.4900 after falling 0.70% along the day.

According to Tim Salem, FXstreet.com collaborator, Cable is still bullish: Bullish Momentum still in favor with Upside Appreciation anchored to the larger Ascending Channel. Price Correction slightly from the 1.5070 Highs now finds Dynamic Resistance @ 1.5014. Daily Static Resistance to be breached for a Re-Test of Price @ the 1.5070 Area for a Double Top Formation if the Level holds with Confidence. Downside Risk has corresponding 20Hourly SMA Slope to find the Daily Pivot level of 1.4850 in the Immediate-Term. Further Violation here brings Daily Static Resistance @ 1.4868 into View with 1.4817 to follow. Further Depreciation clears the Congestion Zone to see Confluence of the 200 Hourly SMA/Dynamic Support of 1.4770. Violation of the Channel and all Bullish Sentiment sees 1.4734 to 1.4620 Supports in the Mid-Term.

Salem provides us with his levels: Support levels: 1.4950 1.4868 1.4817 1.4770. Resistance levels: 1.5014 150.45 1.5070 1.5110

http://www.fxstreet.com/technical/analysis-reports/currency-majors-technical-perspective/2009-04-16.v02.html

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