GBPUSD: Risk Turns Lower Towards The 1.2600 Zone

6 October 2016, 14:51
FXTechstrategy
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GBPUSD: With the pair taking back its Wednesday gains to weaken further on Thursday, further move lower is expected. On the downside, support lies at the 1.2600 level where a break will turn attention to the 1.2550 level. Further down, support  lies at the 1.2500 level. Below here will set the stage  for more weakness towards the 1.2700 level. Conversely, resistance stands at the 1.2750 levels with  a turn above here allowing more strength to build up towards the 1.2800 level. Further out, resistance  resides at the 1.2850 level followed by the 1.2900 level. On the whole, GBPUSD threatens further downside pressure.

 




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