GBPUSD: With GBP remaining weak and vulnerable to the downside, further weakness is likely. Support lies at the 1.6567 level with a break turning focus to the downside towards the 1.6500 level, its psycho level. A cut through here will pave the way for a run at the 1.6450 level. Further down, support comes in at 1.6400 level. Its daily RSI is bearish and pointing lower supporting this view. Conversely, resistance resides at the 1.6718 level where a breach if seen will set the stage for a run at the 1.6785 level. Further out, resistance comes in at the 1.6822 level with a turn above here opening the door for a run at the 1.6850 level and then the 1.6900 level. On the whole, GBP continues to retain its downside vulnerability.
Article by www.fxtechstrategy.com