August 3, 2015
GBPUSD: Risk Points Lower On Correction
GBPUSD: GBP continues to look vulnerable to the downside on correction with more decline envisaged. On the downside, support lies at the 1.5550 level where a break if seen will aim at the 1.5500 level. A break of here will turn attention to the 1.5450 level. Further down, support lies at the 1.5400 level. Its daily RSI is bearish and pointing lower leaving risk to the downside. Conversely, resistance lies at the 1.5650 level with a break aiming at the 1.5700 level. A violation will aim at the 1.5750 level and possibly higher towards the 1.5800 level. On the whole, GBP continues to retain its downside bias but with caution.
