The GBPUSD currency pair has seen a test of the key previous cable support level today – located around $1.4830. GBP has now dropped over 9% versus the dollar since the beginning of the year. The low of $1.4811 resulted in an initial intra-day rejection and price is now trading around $1.4860. Pound/dollar $1.4831 was a low set in March and is a key near term tech area. This is the weakest level for the pound against the dollar in over three years – and the lowest versus the euro since March. The high today came around $1.4980, just under the $1.5000 round number handle. We see the longer term outlook as bearish for ... (full story)