Attached is a 1H chart of GBPUSD. As can be seen from the chart, GU had a very nice recovery from its lows at 1.4520 and then made a big recovery towards 1.47. What can also be noticed is that the move towards 1.47 had lesser and lesser volume with very little volume on the highs. This clearly shows that buyers were not interested in higher prices. Atleast not yet. So, the fact that the high bar closed in its middle with low volume was confirmation that this pair was coming down from 1.47.
Now, the price is hovering around 1.46 and this has some good support here. I do not see a breakdown of this support atleast until the London session opens. There is also very good support at yesterdays low of 1.4526 and until this is broken, there may not be any more downside. If this support does get broken, it could go down to 1.4470 and then to 1.44.
On the upside, the targets are 1.4648 which is a huge resistance and then yesterdays high of 1.47.
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