BofA Merrill Lynch notes in a report on Wednesday:
- With the US $ bull trend intact, our attention turns to GBP/USD. It has just broken down from its 3d contracting range; resuming its larger bear trend in the process.
- Downside targets are seen to1.4917 before 1.4813 (Jul'13 lows). Pullbacks should not exceed 1.5102 (Mar-10 high).