GBPUSD, May 29th 2014

This pair has made a big drop and obviously violated the Key Support (which now become a Short-Term Resistance) around 1.67648. The price is now heading to the next Key Support around 1.6630. This area is a confluent area were we should be aware and pay more attention. This area is a confluent area of Key Support, Fibonacci Retracement 38.2 and Fibonacci Expansion 100.0, also if you take a look at weekly pivot points (which I don't show it on the chart below), it is the place where Weekly S3 placed. So this area is likely a place where the price has high-probability to change it direction.But if the price can break it, it will tend to make another big drop downward. Watch carefully for the price action signal on D1 or H4 timeframe to anticipate the beginning of an upward move on this confluence level/area.