GBPUSD: Bearish, Declines Further
GBPUSD: With GBP remaining weak and retaining its downside bias, further downside pressure is likely. On the upside, resistance resides at the 1.5600 level with a break aiming at the 1.5650 level. A violation will aim at the 1.5700 level and possibly higher towards the 1.5766 level. Its daily RSI is bearish and pointing lower supporting this view. On the downside, support lies at the 1.5500 level where a break if seen will aim at the 1.5450 level. A break of here will turn attention to the 1.5400 level. Further down, support lies at the 1.5350 level. On the whole, GBP continues to retain its pullback bias but with caution.
