GBP/USD ...a veiw

GBP/USD reversed sharply to the downside Wednesday after the BOE's dovish Quarterly Inflation Report notes trader. The trader says the spot has key support at 1.4860 and failure here will confirm that the recent rebound is complete, 1.5055 was a corrective top and a decline back to last week's 1.4475 lows is underway. Further out, the trader remains bearish on GBP/USD looking for a move towards 1.2800 in the 1Q of 2011. GBP/USD now at 1.4870.