BofA Merrill Lynch notes in a report on Friday:
- GBP/USD has broken significant, long term support. The push through 1.4862/1.4813 (78.6% of the 2010/2014 advance & Jul'13 low) points to continued medium term weakness for the May'10 low at 1.4228 ahead of long term, multi-decade range lows at 1.4035/1.3504.
- Interim support lies at 1.4653 (6m channel base), but this should provide only temporary relief. Bounces should be limited to 1.4813/1.4862.
