GBP extended its corrective weakness on Thursday leaving more downside pressure on the cards. Support comes in at the 1.5950 level where a violation will aim at the 1.5900 level.
Further down, the 1.5850 level stands as the next downside objective with a breach targeting the 1.5800 level.
Its daily RSI is bearish and pointing lower supporting this view.
On the upside, resistance resides at the 1.6000 level. Further out, resistance resides at the 1.6100 level with breach targeting the 1.6200 level where a violation will pave the way for a run at the 1.6300 level. On the whole, GBP remains on defensive mood.
Guest post by FX Tech Strategy
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