Daily Technical Strategist on GBPUSD
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GBPUSD: Weakens, Eyes Key Support And Possibly Lower
GBPUSD: With continued downside seen on Friday and the pair testing its key support at the 1.4633 level, further price extension is expected. Support lies at the 1.4600 level where a break if seen will aim at the 1.4550 level. A break of this level will turn focus to the 1.4500 level. Further down, support lies at the 1.4450 level. Its daily RSI is bearish and pointing lower suggesting further weakness. Conversely, resistance resides at the 1.4700 level with a break of here turning attention to the 1.4750 level. A violation will aim at the 1.4802 level and possibly higher towards the 1.4850 level. On the whole, GBP continues to retain its downside bias in the medium term.