Royal Bank of Scotland - "GBP/USD Still the market slides since the important 1.5300 level was broken, 1.5115 and now 1.4907 have been breached too; expect these to morph into resistance levels should the market manage to rally.
The market continues to slide unabated and it seems that none of the important support levels are managing to halt this slide that has accelerated through the big support level at 1.5300. 1.4907 was the 38.2% retracement from the April ’10 rally and below there 1.4783 stands as the important low from March’10.
Despite momentum being ‘oversold’ it’s still falling and there appears little chance of a trend reversal in the short term. Look for potential support at 1.4783 otherwise expect the sell off to continue to the 1.4234 level before a significant turnaround."