S&P cut the UK debt outlook from stable to negative this morning, tanking the GBP. It fell to 1.5522, holding near-term support levels at 1.55. It has since bounced off of those levels and has retraced to its 61.8 fibonacci level on a 5-minute chart (see below) It looks to be range-bound as it is trading between the 38.2 and 61.8 levels. Look for a break to the upside if it can break through resistence of the 61.8 level around 1.57. Support is at 1.5625, near the 38.2 level. Look for lower prices should that level be breached.
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