GBPUSD: Bearish, Retains Downside Bias Medium Term

4 July 2016, 13:31
GBPUSD: The pair continues to hold on to its downside pressure closing lower the past week and leaving risk lower in the medium term. On the downside, support lies at the 1.3200 level where a break will turn attention to the 1.3150 level. Further down, support lies at the 1.3100 level. Below here will set the stage for more weakness towards the 1.3050 level.  Its daily RSI is bearish and pointing lower suggesting more weakness. Conversely, resistance stands at the 1.3300 levels with a turn above here allowing more strength to build up towards the 1.3350 level. Further out, resistance resides at the 1.3400 level followed by the 1.3450 level. On the whole, GBPUSD threatens further downside pressure medium term


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