GBPUSD: With GBP taking back its intra day gains to close flat on Thursday, risk of further weakness remains. Support lies at the 1.6567 level where a break will aim at the 1.6500 level. Further down, support comes in at 1.6550 level where a break will aim at the 1.6450 level and then the 1.6400 level. Resistance comes in at the 1.6718 level with break targeting further gain towards the 1.6785 level. A violation will push the pair further higher towards the 1.6822 level. A turn above here will open the door for a run at the 1.6850 level and then the 1.6900 level. On the whole, GBP continues to retain its medium term upside but faces bear threats.
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