GBPUSD: Vulnerable To The Downside.
GBPUSD: With a reversal of its gains off the 1.4993 level now underway, further decline is envisaged. Support lies at the 1.4800 level where a break if seen will aim at the 1.4750 level. A break of here will turn attention to the 1.4700 level. Further down, support lies at the 1.4650 level. Its daily RSI is bearish and pointing lower supporting this view. Conversely, resistance resides at the 1.4900 level with a break aiming at the 1.4950 level. A violation will aim at the 1.5000 level and possibly higher towards the 1.5050 level. On the whole, GBP continues to retain its broader downside bias medium term though facing recovery threats.
