Royal Bank of Scotland - "GBP/USD A very important last week as the important support at 1.5300 is broken and fails to hold price action on a weekly close basis. This is significant and opens up further downside levels. My support level at 1.5300 failed to hold up price action; the level was convincingly broken and last week was the first weekly close below 1.5300 since July ’10! This changes the medium term picture quite dramatically and also now creates a ceiling at 1.5300 on the basis of the ‘polarity’ theory, where support morphs into resistance and resistance into support. The downside targets/potential support levels lie at 1.4907 (an important retracement level) and 1.4783 (the low back in Mar ’10) only weekly closes above the 1.5300 level would make me re assess this forecast."