The GBPUSD maintained a bearish momentum yesterday. Topped at the 1.6740 levels, and bottomed at the 1.6654 levels. Now the pressure will be on the 1.6654 levels.
The GBPUSD will have to hold below the 1.6554 levels on a daily closing basis to push the market for further downside losses. If seen It will target the 1.6625 levels where a breach will turn the focus on the 1.6425 levels.
Alternatively; a failure to hold below the 1.6654 levels could mean a return to the 1.6740 levels. A halt is likely If seen the pair may breach below the 1.6654 levels and target the 1.6600 levels. But a break of 1.6740 will challenge the 1.6821 levels. If this resistance is taken out. Next resistance comes at 1.6900 ahead of 1.7000 levels.
In all, the GBPUSD is likely to consolidate within 1.6654/1.6740 range before the next move. For Intraday traders. Buying the pair is recommended after rejection above the 1.6654 with a target towards /below 1.6740 levels. Selling the pair after rejection from/below the 1.6740 levels with a target towards/below the 1.6654 levels.