GBPUSD: Set To Recapture The 1.5391 Level On Bearish Momentum.
GBPUSD: The pair remains pressured to the downside with the risk of a recapture of the 1.5391 level seen. Despite its present price hesitation after testing a low of 1.5484 level during Wednesday trading session, this view remains intact. A clearance of the 1.5391 level will turn focus to its Jun 2012 low at the 1.5266 level. Further down, support lies at its July 18’2010 low at 1.5122. Its daily RSI is bearish and pointing lower supporting this view. Alternatively, the pair will have to return above the 1.5774/78 levels to end its broader price consolidation. This will pave the way for a run at the 1.5857 level where a violation will expose the 1.6000 level. On the whole, GBP faces downside pressure on the back of its loss of upside momentum.