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GBPUSD: Susceptible To The Downside But With Caution

GBPUSD: The pair may have hesitated on Wednesday but continues to hold on to its downside pressure. This price action leaves risk of a move lower on the cards though with caution as we may see a temporary halt in weakness. On the downside, support lies at the 1.5200 level where a break if seen will aim at the 1.5150 level. A break of here will turn attention to the 1.5100 level. Further down, support lies at the 1.5050 level. Its daily RSI is bearish and pointing lower supporting this view. Conversely, on the upside, resistance resides at the 1.5350 level with a break aiming at the 1.5300 level. A violation will aim at the 1.5250 level and possibly higher towards the 1.5200 level. On the whole, GBP remains biased to the downside in the medium term.

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