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GBP/USD - Double Top Completed after the FOMC

Today, the FOMC expressed a positive outlook on the economy suggesting that it is still on course to raise rates come mid-2015.

The GBP/USD was rallying this week ahead of the central bank risk, but held at 1.5223 just ahead of the event.

GBP/USD 1H chart 1/28
(click to enlarge)

After the FOMC statement, the GBP/USD has already made 2 failed bullish attempts and made another shake that held below 1.52 and ended up breaking below the double top support. It is now threatening to break below this week's rising trendline as well. The RSI is cracking 40 and if it clearly breaks it, it reflects loss of this week's bullish momentum. The first level to monitor is the 1.5075-1.51 area. If the GBP/USD were to remain bullish, this area should hold as support. A break below 1.5050 puts the focus on the price bottom from the end of last week, with the low at 1.4950.