Royal Bank of Scotland - "GBP/USD: Whilst the market stays below the all important 1.6303 level the bias will be heavy. Very little to add to the comments from the last few weeks; the medium term bias is still for this to head lower and the stop losses still need to be tucked above the big resistance level at 1.6302.
GBP/USD sitting within this long term 10 big figure range would be my forecast looking into the rest of this year and the beginning of next; this means price action currently sits at the top end of its range and should stay heavy. Anticipate moves down to the light supports at 1.6041 perhaps even lower to the 1.5606 level which was the March ’12 low. Should I be wrong and the 1.6303 level be broken then the trend line from the previous annual highs around 1.6660 becomes the target."