GBPUSD: Bearish, Tests Key Support
GBPUSD: Having extended its weakness triggered off the 1.6917 level during Wednesday’s trading session today, the risk remains lower. It was seen testing its key support at the 1.6730 level, its May 15 2014 low as at the time of this analysis. On further downside, support comes in at the 1.6700 level where a breach will aim at the 1.6650 level with a turn below here targeting the 1.6600 level. Further down, support is located at the 1.6650 level. Its daily RSI is bearish and pointing lower supporting this view. Conversely, on the upside, resistance resides at the 1.6815 level where a break will open the door for a run at the 1.6881 level and then the 1.6920 level. A cut through here if seen will target the 1.6995 level. On the whole, GBP continues to retain its downside bias.
