GBP/USD Continues Its Descent

As I expected earlier this week, GBP/USD continued its descent after it broke below the support at 1.5330. Although I always feel apprehensive before the announcement of big fundamentals, this week’s ECB rate announcement and US Non-farm payrolls only gave the pair the necessary push to continue towards the next support at 1.5100 visible on the weekly filter chart. If it breaks below that level we might see GBP/USD fall much lower than that and head for the previous low at 1.4560.