The pair's continued weakness yielded a break and hold below its long term rising trendline the past week. This is coming on the heels of its previous week losses and has now opened up further downside risk towards the1.5778 level, its July'2011 low and then the 1.5700 level, its psycho level. Below here will set the stage for a push further lower towards the 1.5473 level. Its weekly RSI is bearish and pointing lower supporting this view. On the upside, GBP will have to break and hold above the 1.6451 level and then the 1.6614 level to halt its present bear threats. This if seen will bring further upside gains towards the 1.6743 level, its 2011 high and then the 1.6900 level, its psycho level.
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