By | December 19 2009 6:00 AM

GBP/USD's decline resumed after brief recovery and reached as low as 1.6049. Initial bias remains on the downside this week and GBP/USD should target 100% projection of 1.6720 to 1.6166 from 1.6408 at 1.5854 first and then 1.5706 cluster support next. On the upside, above 1.6246 minor resistance will turn intraday bias neutral and bring consolidations. But upside should be limited by 1.6408 resistance and bring fall resumption.