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GBP maintains broader downside pressure in medium term but

GBPUSD: GBP continues to maintain its broader downside pressure in the medium term but has now triggered a correction higher.

On the downside, support lies at the 1.5800 level where a break will aim at the 1.5700 level. A break of here will turn attention to the 1.5650 level. Further down, support lies at the 1.5600 level.

Its daily RSI is bullish and pointing higher supporting this view. Conversely, resistance resides at the 1.5950 level with a break aiming at the 1.6000 level. A violation will aim at the 1.6050 level and possibly higher towards the 1.6100 level. On the whole, GBP continues to retain its broader downside bias in the medium term.


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