GBPUSD: Price Stall To Target The 1.5768 Level.
GBPUSD - The pair’s recovery higher has stalled at the 1.6118 level and is now turning back lower in early trading today. With its Thursday gains now being wiped out, GBP is presently facing downside pressure towards the 1.5768 level with a loss of there turning focus lower to the 1.5500 level, its psycho level and then its .50 Ret( 1.3652-1.7041 rally) at 1.5350. A return back above the 1.6118 level must occur to reverse its immediate downside pressure and open the door for further upside towards the 1.6300 level, its psycho level and then the 1.6463 level, its Sept 23’09 high where a cap could be seen. Its daily stochasticsremains supportive of this view. With its recovery off the 1.5768 level now reversing, a return back to that level is now envisaged which is consistent with its ST downtrend.