The GBPUSD continued its bearish correction yesterday , topped at the 1.6652 levels and bottomed at the 1.6595 levels . Now pressure will be on the key support 1.6595…
The GBPUSD will have to hold below the 1.6595 levels on a daily closing basis to push the market for further downside losses , If seen It will target the 1.6540 levels , a halt is strongly suggested and the pair might revere to the upside from that point , If 1.6540 fails on a daily basis , expect the market to weaken further towards the 1.6480 levels ahead of the 1.6400 levels.
Alternatively , a failure to hold below the 1.6595 levels could mean a return to the 1.6652 levels , break of 1.6652 will have large bullish implication towards the 1.6785 levels , a breach is very likely , If seen , the pair will aim the 1.7000 levels.
In all , as long as resistance 1.6652 holds on a daily closing basis , the GBPUSD will remain based to the downside in short term view with risk towards the 1.6540 levels , break of the 1.6652 levels on a daily basis , sooner or later will recapture the 1.6785 levels ahead of the 1.7000 levels..