Share
GBPUSD: GBP will have to break and hold below its support located at the 1.5133 level to trigger further weakness. That level continues to hold as support for almost the whole week. Support comes in at 1.5100 level with a follow-through lower seeing it targeting more weakness towards the 1.5050 level. A break if seen will aim at the 1.5000 level followed with the 1.4950 level. Further down, support lies at the 1.4900 level. Its daily RSI is bearish and pointing lower suggesting further weakness. Conversely, resistance stands at the 1.5200 level with a turn above here allowing more strength to build up towards the 1.5250 level. Further out, resistance resides at the 1.5300 level and subsequently the 1.5350 level. On the whole, GBP faces the risk of further downside pressure.
