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GBPUSD: Faces Downside Risk On Rejection Candle.

GBPUSD: Having capped its recovery at the 1.5440 level on a rejection candle on Thursday and seen declining during early trading today, GBPUSD’s further downside pressure is likely. On the downside, immediate support lies at the 1.5250 level where a break if seen will aim at the 1.5200 level. A break of here will turn attention to the 1.5150 level. Further down, support lies at the 1.5100 level. On the upside, resistance resides at the 1.5350 level with a break aiming at the 1.5400 level. A violation of here will aim at the 1.5450 level and possibly higher towards the 1.5500 level. On the whole, GBP continues to retain its downside bias

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