GBPUSD Pushes Lower, Risk Builds Up On 1.5350/29 Levels

GBPUSD Pushes Lower, Risk Builds Up On 1.5350/29 Levels

 

GBPUSD: GBP remains weak and vulnerable to the downside as it declined further on Tuesday with eyes on its key supports at 1.5350/29 levels. As long as its resistance at the 1.5657 level remains unbroken, our bias continues to point to the downside. A break and hold below that level will open the door for additional  bear pressure towards the 1.5350 level. Further down, support is located at the 1.5300 level followed by the 1.5300 level. Its daily RSI is bearish and pointing lower suggesting further weakness. Conversely, resistance stands at the 1.5500 level with a turn above here allowing more strength to build up towards the 1.5550 level. Further out, resistance resides at the 1.5600 level and subsequently the 1.5650 level. On the whole, GBP faces the risk of further downside pressure in the short term.