With the pair reversing its intra-day gains to close lower on Wednesday and following through lower during Thursday trading session, the risk is for GBP to weaken further. In such a case, the 1.5401 level, its Jun 08'2012 low will be targeted where a break will aim at its Jun 2012 low at the 1.5266 level. Below here if it occurs will call for a move further lower towards its July 18'2010 low located at the 1.5122 level. Its daily RSI is bearish and pointing lower suggesting further declines. On the upside, the pair will have to return above the 1.5576/1.5774 levels to reverse its present downside threats. This will open the door for a move further higher towards the 1.5857 level where a violation will expose the 1.6000 level. Price hesitation could occur here and then turn the pair back down. On the whole, GBP now faces further bear threats having followed through lower on the back of its Wednesday losses.
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