A fresh weakness saw the pair cutting through the 1.5632 level, its Oct 18'2011 low in early trading today and setting the stage for further declines.GBP has been weakening since losing upside momentum at the 1.6161 level. With its short term weakness intact, further declines is expected towards its Oct 10'2011 low at 1.5526. Below here will pave the way for more weakness towards the 1.5421 level, its Oct 07'2011 low. Its daily and weekly RSI are bearish and pointing lower supporting this view. Alternatively, on any recovery, the 1.5688 level, its Nov 17'2011 high will be targeted with a violation of there turning focus to the 1.5885 level, its Nov 18'2011 high. Further out, resistance comes in at the 1.6161 level, its Oct 31'2011 high. On the whole, with continued bearishness seen, further downside pressure cannot be ruled out.
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