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GBPUSD: Targets Further Downside

GBPUSD: Despite its present price hesitation, it faces downside pressure. On the downside, support lies at the 1.5400 level where a break if seen will aim at the 1.5350 level. A break of here will turn attention to the 1.5300 level. Further down, support lies at the 1.5250 level. Its daily RSI is bearish and pointing lower. Conversely, on the upside, resistance resides at the 1.5500 level with a break aiming at the 1.5550 level. A violation of here will aim at the 1.5600 level and possibly higher towards the 1.5650 level. On the whole, GBP continues to remain on the defensive.

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