GBPUSD: Remains Pressured To The Downside, Targets The 1.5768 Level

GBPUSD- Weakness triggered off the 1.7041 level remains in place as attempts at correcting higher the past week failed and pushed the pair back down to close lower at 1.5847. That leaves downside threats towards the 1.5768 level, its Sept 27'09 low with a loss of there turning focus lower to the 1.5500 level, its psycho level and then its .50 Ret( 1.3652-1.7041 rally) at 1.5350. Our outlook for GBP remains lower shorter term as long as it continues to hold below its invalidated MT rising trendline. Its weekly momentum indicators are bearish and trending lower supporting this view. Conversely, in order for the pair to reduce its current downside pressure, it requires a break and hold above the 1.6124 level. Further out, resistance is seen at the 1.6300 level, its psycho level and then the 1.6463 level, its Sept 23'09 high where a cap could be seen. All in all, GBP remains biased to the downside shorter term and now looks to head towards the 1.5768 level.

Weekly Chart: GBPUSD