GBPUSD: Bounces Higher, Recovering With Caution.
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GBPUSD: While corrective recovery attempts have set in, GBP’s broader downside bias remains intact as long as the 1.5003 level remains unbroken. On ending its correction it should retarget the 1.4830 level. We expect a halt to occur here and possibly turn it higher again but if taken out, further weakness will follow towards the 1.4750 level. Further down, support lies at the 1.4700 level. On the upside, GBP will have to break and hold above the 1.5003/7 levels to halt its broader weakness and bring further upside towards the 1.5050 level. On continued recovery, resistance comes in at the 1.5100 level. On the whole, GBP continues to retain its downside bias in the short term.