FXstreet.com (London) - Karen Jones, Chief Analyst at Commerzbank said GBP/USD sold off to and has again held (on a closing basis) support at 1.4854/32, the 61.8% retracement of the 2009 move higher and the March low.

“We note the divergence of the 240 minute RSI and currently we would continue to allow for a small rebound. We suspect that intraday rallies will struggle to clear the May lows at 1.5015 and the accelerated downtrend at 1.5139 should remain capped by 1.5300/25 and while capped here, the market will remain directly offered. Please note there is very little support between 1.4832 and the 1.4229 2010 low.”