GBPUSD: With the pair extending its weakness the past week, further weakness is likely. However, a recovery could be seen in the new week after taking back some of those losses the past week. On the downside, support lies at the 1.2400 level where a break will turn attention to the 1.2350 level. Further down, support lies at the 1.2300 level. Below here will set the stage for more weakness towards the 1.2250 level. Conversely, resistance stands at the 1.2500 levels with a turn above here allowing more strength to build up towards the 1.2550 level. Further out, resistance resides at the 1.2600 level followed by the 1.2650 level. On the whole, GBPUSD threatens further downside pressure.
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