GBPUSD: Sells Off, Risk Seen Towards The 1.5500 Level.
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GBPUSD: GBP has sold off and taken out its key support at the 1.5630 level, its Feb 05’2013 low. This has exposed the 1.5500 level and set the stage for further declines. A violation of the 1.5500 level will call for more declines towards the 1.5450 level and next the 1.5400 level. Its daily RSI is bearish and pointing lower supporting this view. On the upside, the pair must return above the 1.5803 level to create scope for more upside towards the 1.5844/77 levels. Further out, resistance resides at the 1.5900 level and then the 1.6000 level followed by the 1.6179 level. On the whole, GBP continues to look vulnerable on further medium term weakness.