GBPUSD: Consolidates, Looks For A Bottom
GBPUSD: GBP continues to look for a bottom to signal a correction. If this occurs, further upside should build up towards the 1.6589 level where a breach if seen will set the stage for a run at the 1.6653 level. Further out, resistance comes in at the 1.6718 level with a turn above here opening the door for a run at the 1.6785 level and then the 1.6822 level. On the other hand, support lies at the 1.6425 level with a break turning focus to the downside towards the 1.6350 level, its psycho level. A cut through here will pave the way for a run at the 1.6300 level and then the 1.6250 level. On the whole, GBP continues to retain its downside vulnerability but recovery risks are envisaged.
