Rate falls hard as cross-spreaders sell GBP across the board. Overnight economic news seen as neutral; some rumor of UK bank downgrades adding pressure. Sell-signal from toolbox validated suggesting a test of the next major support area around the 1.3850 to 1.3780 area.
Signs of the bottom after holding the 1.4500 handle last week negated near-term with offers likely back at the sell zone around 1.4450 area now. Cross-spreaders continue to sell GBP across the board. Volumes continue light on this break.
Spillover from EURO likely. Look for two-way action into this bottom. A short-covering rally is increasingly likely now; looking for signs of late sellers.
GBP USD Daily
-Resistance 3: 1.4600
-Resistance 2: 1.4520/30
-Resistance 1: 1.4450
-Latest New York: 1.3915
Rate two-way despite sharp fall in GBP; likely cross spreaders supporting on the dip as active sellers attempt to push the rate lower into major support around the 1.2780 area; stops baked on the dip under 1.2850 today but bids were hefty resulting in a rally. 
Rate falls hard as stops and aggressive selling drive the rate to a new 7.5 year low; cross-spreaders continue to sell GBP across the board but a short-squeeze is in progress. Overnight economic news seen as neutral to bearish; rate trading on technical's now. 
Rate two-way despite sharp fall in GBP; likely cross spreaders supporting on the dip as active sellers attempt to push the rate lower into major support around the 1.2780 area. Bottom may be forming around under the 1.3030 area as the drop into the 1.2900 handle was on thin volume.
The US
