GBPUSD: With the pair breaking and holding below the 1.5976 level, the risk of further weakness cannot be ruled out. Though seen taking back some of those losses in early trading today, it continues to remain vulnerable. Support lies at the 1.5911 level with a cut through there opening the door for a move lower towards the 1.5774/78 level. A break of here will turn attention to the 1.5457 level. Its daily RSI is bearish and pointing lower suggesting further declines. Alternatively, GBP must return above the 1.6177 level to reverse its present weakness. This if seen will pave the way for a run at the 1.6215 level. This could push the pair further higher towards the 1.6350 level. A breach will allow for more gains towards the 1.6400 level. On the whole, GBP has halted its upside offensive and turned lower with eyes on further downside.
