The GBP USD took out a swing bottom at 1.6274 and turned the main
trend down on the daily chart. The current chart pattern suggests that
1.5982 is the next downside target.

The British Pound has been
under pressure since August 6th when the Bank of England voted to
expand its quantitative easing program. This news sent a message to
traders that the central bank was prepared to print money to help
revive the sluggish economy. Sellers are also pressing this market
because perceptions are building that a recovery in the U.K. will lag
both the U.S. and Europe.

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