GBPUSD: GBP faces downside pressure following its rejection candle print on Friday. This was formed after unsustained rally and the pair looks to weaken further having given away most of its intra day gains during Monday trading session. It looks to take out the 1.5166/33 zone, its strong support. If this occurs, further weakness is likely towards the 1.5100 level.
A break of here will turn attention to the 1.5050 level. Further down, support lies at the 1.5000 level. Below here will set the stage for more weakness towards the 1.4950 level. Its weekly RSI is bearish and pointing lower supporting this view. Conversely, resistance stands at the 1.5250 level with a turn above here allowing more strength to build up towards the 1.5300 level. Further out, resistance resides at the 1.5350 level followed by the 1.5400 level. On the whole, GBP faces the risk of further downside medium term.
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