Technical Trading Tips and Techniques by 
(Please click on the accompanying chart to enlarge.)
As shown on the GBP/USD daily chart, the last three months of price action have been marked by a progressive pattern of multiple pattern breaks. On the displayed chart, at least four patterns are clear and highlighted - one rising parallel channel and three triangles. The first three patterns were all broken decisively to the downside. As of Sunday night in New York, price is still within the boundaries of the most recent pattern, a relatively smallish triangle. In the event that this pattern is also subsequently broken to the downside, as might be expected, continuing the strong downtrend that has been in place for quite some time now, the first major support target resides around the 1.4550 region.
UPDATE: As of early Monday morning in New York, price has risen to the top of the above-mentioned triangle. A strong break with close on either side has not yet occurred. More updates to come as price action on this pair develops.