Forex Flash: GBP/USD, little support until 1.4780 - RBS

Cable has seen early losses in the Asia-Pacific, breaking to fresh 31-month lows at 1.5069, “trading below a region of previous support around 1.5230/1.5350 made over 2010/12,” says FX Trading Strategist at RBS Greg Gibbs, adding: “It closed below this region last week, dropping sharply on the Moodys announcement right near the end of the week’s trading.”

The analyst concludes: “If it remains below this region through the Monday trading session it should encourage thoughts of a much deeper fall, with little support until 1.4780.”