GBPUSD: Bearishness Still Dominates

GBPUSD - Although struggling to fight off bears attack at its longer term rising trendlinecurrently at 1.6244, it is still dominated by the bearish tone set from the 1.6875 level. With that said, a convincing break and hold below there on a daily closing basis will mean additional downside weakness towards the 1.5706 level, its Oct 13'09 low with the only level to overcome ahead of there residing at its Oct 30'09 high at 1.6124.If the 1.5706 level is eventually traded, further declines could shape up towards its .50 Ret (1.3501-1.7041 rally) at 1.5273. Its daily RSI is bearish and pointing lower suggesting further downside. On the upside, GBP must break and hold above its Nov 25'09 high at 1.6744 and the 1.6875 level, its Nov 16'0-09 high to reverse its current downside threats and turn focus to the 1.7041 level, its YTD high where a break will resume its medium term uptrend.

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