- GBP/USD has broken major support 1.40791 (Jan 2016 low) and declined till 1.39248 at the time of writing .
- Overall trend is weak and it is expected to decline till 1.4350 (2009 low).
- Bearish invalidation only above 1.4550 (support turned into resistance).
- Prevailing uncertainty about the outcome of the crucial referendum on the UK's future in the EU is likely to be the main source of downside pressure on GBP/USD. If UK exited out of EU decline till 1.200 is possible.
It is good to sell on rallies around 1.4020-25 with S L around 1.4550 for the TP of 1.4230/1.4355
