FXstreet.com (Barcelona) - The Pound broke below 1.6000 psychologicc3al level on Tuesday and has consolidated below there during Asian session, supported bby 1,5920 level, which according to the FXMarketAlerts Team is a rather weak level as the pair faces further downside pressure.
The Pound remains weak, according to the FXMarketAlerts Team, targeting 1.5850/25 or lower: Although GBP managed to stall the Tues pm sell off at 1.59 or so, overnight placement is still weak- just out of value, facing downside. We have targets for completion of this fast, conclusive phase at 1.5850-25 or 1.5705.
On the upside, recovery above 1.6050 could break downtrend, says the FXMarketAlerts Team: There's hourly support at 1.5800. Pop back above 1.5970 is s/t balancing. Above 1.6050 as well breaks the accelerated trend.