GBP/USD has dropped 15% since taper talk emerged last year nL2N2X90JH

Pair reached 1.2156 May 13 before bouncing to 1.2479 today May 17

21-DMA 1.2538 which is rough centre 20-day Bollinger bands (neutral ground)

A mininum tech correction for Apr 21-May 13 1.3090-1.2156 drop is 1.2513

There is little chance of a sustained rise above 1.2500

UK's large (GBP 24 bln) and growing trade deficit will undermine pound

GBP/USD likely to come under greater pressure ahead Jun 15 Fed meeting