GBPUSD: Hesitating With Downside Bias.
GBPUSD: GBP continues to face bear threats following its Thursday sell off on the back of its price failure at the 1.5774 level. This leaves the pair vulnerable towards the 1.5613 level and ultimately its Jun 2012 low at the 1.5266 level. Below here will pave the way for a move lower towards its July 18’2010 low located at the 1.5122 level. Its daily RSI is bearish and pointing lower supporting this view. On the upside, the pair will have to return above the 1.5774 level to resume its corrective recovery towards the 1.5857 level where a violation if seen will target the 1.6000 level. Price hesitation could occur here and turn the pair back down. On the whole, GBP now faces bear threats having halted its price correction at the 1.5774 level.