GBPUSD: With GBP turning lower at its key resistance zone at 1.5450/7 today, there is risk of more weakness as long as that zone continues to hold. This development is coming on the back of our earlier warning of how significant that level will be. Also, note that we have to see a close below the mentioned overhead resistance to give us more confidence of further weakness.
On the downside, support lies at the 1.5350 level where a break if seen will aim at the 1.5300 level. A break of here will turn attention to the 1.5250 level. Further down, support lies at the 1.5200 level. Conversely, resistance stands at the 1.5500 level with a turn above here allowing more strength to build up towards the 1.5550 level. Further out, resistance resides at the 1.5600 level followed by the 1.5650 level. On the whole, GBP faces the risk of loss of upside momentum below its key resistance zone at 1.5450/7.
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