Royal Bank of Scotland - "7 Consecutive weeks of ‘lower lows’ and ‘lower highs’ in GBP/USD; the bias strongly remains that rallies should be sold and the downside target remains the 1.53 level.
A running theme in this currency pair is that the market still seems attracted to this 1.5300 level just as it was In June ’12, January ’12, October’11 and September ’10. This is still the main support level to be aware of and still the level that I think that this GBP sell off will run out of steam.
The could also be some small support at the 200% projection from the September ’12 to the November ’12 sell off at 1.5348 so continue
Once the market has traded down to these support levels and bounces then the upside target levels to look for lie at 1.5590 onto the important 1.5829"