Starting with a key level of 1.62531, this line was the previous resistance ( Oct
) and later turn as a support ( Dec
. 2013~Feb.2014) of GBP/USD
. Next, it started treading water around the psychologically important level of 50% Fibonacci retracement
. This pair turns very bearish
, once it fell through the 61.8% of Fibonacci retracement
with lower highs and lower lows.