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GBPUSD: With GBP now seen following through on the back of its Friday weakness, further decline is envisaged. This development leaves it targeting further downside but with caution.

On the downside, support lies at the 1.5150 level where a break if seen will aim at 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. Its weekly RSI is bullish and pointing higher supporting this view.

Conversely, resistance resides at the 1.5300 level with a break aiming at the 1.5350 level. A violation will aim at the 1.5400 level and possibly higher towards the 1.5450 level. On the whole, GBP continues to retain its broader downside bias medium term but faces corrective risk.


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