Outlook for GBP/USD

RBS notes in a report on Tuesday:

• The price has broken through a key support level of 1.4970, being the 76.4% retracement from 2001 - 2004 impulse wave. We were expecting the pair to form a local base there, but were wrong on this call. 
  
  
• Cable broke below, implying there may still be some nearterm weakness with the next major support area at 1.4470/50. The weekly MACD has formed a positive crossover and showed divergence with the price, confirming the pair should form a base. 
  
  
• Overall, in the longrun, we remain optimistic on Cable, but how much of the near-term weakness is still due. This is difficult to say for sure: we have support levels at 1.4700, 1.4605, 1.4526 and 1.4470/50. 
  
  
• SUP: 1.4700, 1.4605, 1.4526