2 weeks ago the GBP/USD found some support at 1.4900, and area it has found support at before, but this is now the third 'touch' of the level from a weekly perspective and solidifying the area as a true support level. The pair is now heading for a zone that will make or break the bears. 1.5350 is an area the has acted as support, and to a lesser extent resistance, numerous times before. For most of the past 2 years 1.5300 has been the 'magic' number, seeing the pair reverse many times from this level. Now it has become resistance, and in fact is a zone that begins around 1.5250 with numerous weekly lows within 20 pips of the current price of 1.5244, and extends upward to 1.5400. I expect price will push up to 1.5350 at least this week before resuming it's bearish trend as markets struggle around the world...the Sterling will probably be no different. If the pair can break and close above 1.5400 we could see a further push back towards 1.5580 or 1.5850, the next strongest levels of resistance. Otherwise, we will most likely see the pair fall with the next most likely target at 1.4540, the May 2010 close.
Happy Trading