GBPUSD: Having failed to follow through higher on the back of its Friday strength on Monday, GBPUSD faces downside pressure on recovery failure. While the 1.4949/44 zone caps any strength, we look for the pair to weaken. Support lies at the 1.4850 level where a break will turn attention to the 1.4800 level. Further down, support lies at the 1.4750 level.
Below here will set the stage for more weakness towards the 1.4700 level. Conversely, resistance stands at the 1.4950 levels with a turn above here allowing more strength to build up towards the 1.5000 level. Further out, resistance resides at the 1.5050 level with a cut through that level paving the way for a move higher towards the 1.5100 level. On the whole, GBPUSD faces downside pressure on recovery failure with eyes on 1.4904 zone.
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