Daily Technical Strategist On GBPUSD
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GBPUSD: Bearish, Threatens Further Downside
GBPUSD: With continued downside pressure seen GBP looks to extend further weakness. On the other hand, support lies at the 1.6800 level where a break will aim at the 1.6750 levels. A break of here will turn attention to the 1.6700 level. Further down, support lies at the 1.6650 level. Its daily and weekly momentum indicators are bearish and pointing lower supporting this view. Conversely, resistance resides at the 1.7042 level with a break aiming at the 1.7100 level where a violation will aim at the 1.7150 level and possibly higher towards the 1.7200 level. On the whole, GBP continues to retain its downside bias nearer term