GBPUSD: Prints Higher Rejection Candle.
GBPUSD- An intra day loss of momentum at the 1.6124 level pushed the pair to a marginal close printing a rejection at the end of the session on Wednesday. This price development now leaves the pair vulnerable to the downside with the next target standing at the 1.5768 level, its Sept 28'09. Below there will put the pair on the path to further declines towards the 1.5500 level, its psycho level and then its .50 Ret( 1.3652-1.7041 rally) at 1.5350. Conversely, resistance lies at the 1.6124 level followed by the 1.6463 level, its Sept 23'09 high where a cap could be seen. On the whole, GBP continues to build on its recovery strength following its recent run to the downside off the 1.7041 level.
Daily Chart: GBPUSD