FXstreet.com (Barcelona) - The British Pound was one of the big losers on Tuesday, falling about 500 pips and breaking downwards from the upward trending channel it had been trading since Jan 23.

The Pound broke yesterday support line at 1.4750/60, on its strongly bearish move to reach as low as 1.4395. The GBP is slightly oversold in the hourly chart, while it shows room for more down-slope run on the four hour chart. At the moment, the GBP/USD seems to have found some break at 1.4400. Below there, 1.4350 and 1.4270, are next important key levels.

According to the Mataf.net technical team, the Pound should continue depreciating to levels below 1.40: GBP USD broke 1,4750 support. The volatility is high. Bollinger bands are parallel and form the trend. 1H, 4H ForexSto (Modified Stochastic) indicate a bearish pressure on GBP/USD. The downtrend should continue on 1,3850 support (578 pips).