GBP/USD breaks major support 1.4735, decline till 1.4590 is possible

• RES 4: 1.4920 (Mar 27^th high)
  
  
• RES 3: 1.4850 (200 day HMA)
  
  
•  RES 2: 1.4796 (55 day HMA)
  
  
•  RES 1: 1.4732 (20 day HMA)

    PRICE: 1.47138@ 05:56 GMT 

• SUP 1: 1.46872(Mar 19^th low)
  
  
• SUP 2: 1.46340 (Mar 18^th low)
  
  
• SUP 3:1.4590 (161.8% retracement of 1.47385 and 1.4980)
  
  
• SUP 4: 1.4431 (138.2% retracement of 1.46430 and 1.5165ar 18^th low)

Intraday trend -Bearish

GBP/USD has broken short term support 1.47385 and is trading well below that level . Short term trend is bearish as long as resistance 1.4850 holds.

BOE kept its interest rates on hold in monetary policy held yesterday. The major reason for GBP weakness is concerns over election outcome which is to be held on May 7^th.

It is good to sell on rallies around 1.4780 for the target of 1.4634/1.4590 with stop around 1.4850.