GBPUSD: Bearish Momentum Extends.
GBPUSD: GBP faces further downside as it extended its weakness the past week and followed through higher during early trading today. This development leaves the pair weak and vulnerable with eyes on the 1.5700 level. A cut through here will turn attention to the 1.5600 level and then the 1.5500 level. Its weekly RSI is bearish and pointing lower supporting this view. On the upside, the pair must return above the 1.5891 level to reverse its present bearishness and then target the 1.6000 level followed by the 1.6200 level. Above here will trigger its medium term uptrend resumption towards the 1.6300 level. On the whole, GBP continues to look weak and vulnerable.
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