GBPUSD: Resumes Broader Weakness.
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GBPUSD: With GBP resuming its broader downside weakness, it looks to decline further towards the 1.4900 level. We expect this level to hold if tested and then turn the pair higher. Further down, support comes in at the 1.4800 level followed by the 1.4700 level. Its daily RSI is bearish and pointing lower supporting this view. On the upside, resistance stands at the 1.5154 level followed by the 1.5198 level, its Mar 05’13 higher. Further out, resistance lies at the 1.5400 level and then the 1.5500 level. On the whole, GBP continues to retain its broader downside bias despite recovery.