GBPUSD: Vulnerable, Declines On Bear Pressure

20 December 2016, 13:53
FXTechstrategy
0
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GBPUSD: The pair remains vulnerable to the downside having continued to face bear pressure. On the downside, support lies at the 1.2300 level where a break will turn attention to the 1.2250 level. Further down, support  lies at the 1.2200 level. Below here will set the stage  for more weakness towards the 1.2150 level. Its daily RSI is bearish and pointing lower suggesting further weakness. Conversely, resistance stands at the 1.2400 levels with a turn above here allowing more strength to build up towards the 1.2450 level. Further out, resistance  resides at the 1.2500 level followed by the 1.2550 level. On the whole, GBPUSD threatens further downside pressure.

 

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