The GBPUSD is falling below a support area that has been a support level for the pair over the last 3-4 weeks of trading. That area comes in at the 1.5618-284 area (see yellow area in the chart below). There have been a number of lows reached in this area on the hourly chart. It now becomes resistance (risk level) for the sellers.

GBPUSD tests the lows

GBPUSD tests the lows

The pair is approaching the lows for the year at the 1.55841-1.5592 area. There are three separate lows in this narrow area. This is the 4th test. A break should solicit more selling but be aware, the last two lows, were new year lows and each went no-where on the breaks. So the market will be cautious.