GBPUSD continues its downward movement from 1.5382 and the fall extended to as low as 1.4852 level. Deeper decline to test 1.4784 previous low support is expected later today. A breakdown below this level will indicate that the long term downtrend from 1.6875 (Nov 16, 2009 high) has resumed, then next target would be at 1.4500 area. Resistance is now at 1.5111, as long as this level holds, downtrend will continue.

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