GBPUSD: Faces Further Bear Threats
GBPUSD: GBP extending its weakness on Thursday leaving risk of further downsides on the cards. Further decline is envisaged towards the 1.6300 level where a break will aim at the 1.6250 levels. A break of here will turn attention to the 1.6200 level. Further down, support lies at the 1.6150 level. Its daily RSI bearish and pointing lower supporting this view. Conversely, resistance resides at the 1.6400 level with a break aiming at the 1.6450 level where a violation will aim at the 1.6500 level and possibly higher towards the 1.6550 level. On the whole, GBP continues to retain its downside bias short term