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GBPUSD: Although GBP maintains is broader medium term downtrend, the reversal of its Friday losses on Monday is suggestive of further recovery higher. On the downside, support lies at the 1.5650 level where a break will aim at the 1.5600 level where a break will aim at the 1.5550 level.

A break of here will turn attention to the 1.5500 level. Further down, support lies at the 1.5400 level. Conversely, resistance resides at the 1.5800 level with a break aiming at the 1.5850 level. A violation will aim at the 1.5900 level and possibly higher towards the 1.5950 level. On the whole, GBP continues to retain its broader downside bias medium term but faces immediate recovery higher.

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