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GBP/USD - Anticipating Support Before Further Downside

GBP/USD has recently slid sharply from almost 1.44 to 1.36. We should expect some support here around 1.36, although further downside can also be expected after a rebound.

GBP/USD Daily Chart

(click to enlarge)

Key Support:
- The daily chart shows GBP/USD at a key support that involves the 200-day simple moving average, and a previous resistance pivot area. 
- Meanwhile the RSI is below 30. 
- We can expect some short-term bounce.
Breakout:
- The overall trend however might not be bullish anymore. 
- The slide recently is sharp enough to convince the market of further downside, especially because price broke a rising trendline. 
Limited Upside; Bearish Outlook:
- For now, I would limit the bullish outlook to the 1.37-1.38 area. 
- At this point, a break above 1.40 would be needed to convince me that bulls are still in charge. 
- A hold below 1.38 would confirm the bearish outlook, which can lead to a break below 1.35 towards the next support/resistance pivot around 1.33. 

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