FXstreet.com (Barcelona) - Selling pressure seems to be taking over the GBP/USD at early European session, and failure to break resistance level at 1.4495 has driven the Pound below 1.4425. At the moment the Sterling is trying to regain 1.4425 level.

According to Carol Harmer, technical analyst at Charmer Charts, below 1.4420, the bearish scenario could gain strength: A loss through 1.4420 would also fuel the downside scenario and see the market coming lower for the short term 50% retracement target of 1.4335/09. Once more you will see profit taking at these lower levels. Buyers will resurface here, and it is only below 1.4300 that buyers should be worried.