GBPUSD: Broader Bias Remains Lower Medium Term

13 October 2016, 06:11

GBPUSD: Despite its price hesitation on Wednesday, further weakness is likely. On the downside, support lies at the 1.2150 level where a break will turn attention to the 1.2100 level. Further down, support  lies at the 1.2050 level. Below here will set the stage  for more weakness towards the 1.2000 level. Its daily RSI is pointing lower suggesting further weakness. Conversely, resistance stands at the 1.2300 levels with  a turn above here allowing more strength to build up towards the 1.2350 level. Further out, resistance  resides at the 1.2400 level followed by the 1.2450 level. On the whole, GBPUSD threatens further downside pressure.


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