The GBP/USD is falling from the peak reached on Friday. It has now pulled back 38.2% of the previous move and broken below the monthly pivot. It will probably continue to fall until it reaches the top of the range at 1.5605. This is also the level of the 50% Fibonacci line adding further support. On the other hand a recover could lead to a final move back up to the level of the highs at 1.5760.
Analysis prepared by: