Having reversed its previous week gains to close lower for the week, further declines are likely. This if seen will target the 1.5452 level where a break will aim at its Jun 2012 low at the 1.5266 level. Below here 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 supporting this view. On the upside, the pair will have to return above the 1.5774 level to reverse its present downside threats. This will open the door for a move further higher towards the 1.5857 level will be targeted where a violation will target the 1.6000 level. Price hesitation could occur here and then turn the pair back down. On the whole, GBP now faces bear threats having halted its price correction at the 1.5774 level and declining.

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