With the pair breaking down below its price consolidation zone, risk of further weakness could be developing towards the 1.6006 level. This has put our upside view on hold and turned risk to the downside. Below the 1.6006 level will call for a move further lower towards the 1.5778 level, its July'2011 low. Further down, support is seen at the 1.5700 level, its psycho level. Its daily RSI is bearish and pointing lower supporting this view. On the upside, GBP will have to return above the 1.6472 level to annul its present bearish build up. In such a case, the 1.6546 level, its May 31'2011 high will be targeted with a clearance of this level creating additional strength towards the 1.6743 level, its 2011 high and then the 1.6900 level, its psycho level.

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