GBPUSD: Hesitating With Eyes On The Downside
GBPUSD- The pair's 200 ema currently at 1.6057 continues to provide resistance turning off GBP on Tuesday to close lower at 1.5875. It was seen weakening in early trading today. Downside target starts at the 1.5768 level initially with a loss of there turning focus lower towards the 1.5500 level, its psycho level and then its .50 Ret( 1.3652-1.7041 rally) at 1.5350. On the upside, resistance lies at the 1.6124 level followed by the 1.6463 level, its Sept 23'09 high where a cap could be seen. On the whole, with hesitation seen at its 200 ema, GBP looks to head back towards the 1.5768 level and possibly beyond.
Daily Chart: GBPUSD