GBPUSD: Bearish Despite Recovery Attempts…
The GBPUSD remains on the downside as long as 1.1785 resistance holds on a daily closing basis. Support comes at the 1.1580 level ahead of the 1.1345 level. A halt is likely, but a cut would open 1.1075 next, further down, support comes at 1.0880 levels.
On the upside, resistance comes at 1.1785 level broken support turned resistance. Above 1.1785 sees recovery threats to 1.2055 levels before another fall.
In conclusion: The GBPUSD faces downside threats below 1.1785 levels.
Support: 1.1580, 1.1345, 1.1075, 1.0880
Resistance: 1.1785, 1.2055, 1.2300, 1.2490
Note: A daily closing above 1.1580 would challnage 1.1785 level…(sees possible recovery, a break above 1.1785 couldn’t be ruled out).