GBPUSD: With GBP following through lower on the back of its past week losses, there is risk of further declines developing towards the 1.5826 level. A violation will pave the way for a move towards the 1.5774/78 levels with a cut through here setting the stage for a run at the 1.5700 level. Its daily RSI is bearish and pointing lower suggesting further declines. Alternatively, above the 1.6000 level and the 1.6215 level will have to be traded to annul its present downside vulnerability. Above here will open up further offensive towards the 1.6350 level followed by the 1.6400 level. On the whole, GBP continues to face downside pressure.
