GBPUSD: Faces Immediate Downside Pressure
GBPUSD: Although GBP is maintaining a valid immediate downside bias having failed at the 1.5195 level on Monday, it will have to firmly break and hold below its 2010 low at 1.4782 to convince the market that its correction activated from the 1.4782 level has ended. If that occurs, a resumption of its medium term downtrend now on hold will resume towards the 1.4511 level, its April 26’10 low with a loss of there targeting the 1.4396 level, its April 19’10 high. Its daily RSI remains supportive of this view. Alternatively, a return back above the 1.5195 level will call for further corrective recovery strength towards its Feb 19’10 low at 1.5343 where we expect the bears to come in and push the pair back down again in line with its broader weakness.
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