GBPUSD: Short Term Bias Remains Lower Despite Hesitation

16 May 2016, 15:22
GBPUSD: The pair closed lower the past week leaving risk of additional weakness on the card in the new week. Despite its present price hesitation, short term risk remains lower. On the downside, support lies at the 1.4300 level where a break will turn attention to the 1.4250 level. Further down, support lies at the 1.4200 level. Below here will set the stage for more weakness towards the 1.4150 level. Conversely, resistance stands at the 1.4400 levels with a turn above here allowing more strength to build up towards the 1.4450 level. Further out, resistance resides at the 1.4500 level followed by the 1.4550 level. On the whole, GBPUSD remains vulnerable short term.


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