The GBPUSD continued its bearish momentum yesterday ,bottomed at the 1.5896 levels , and printed resistance at the 1.6096 levels .This development leaves the pair targeting the 1.5800 levels , a halt is likely , but further losses will open 1.5700 levels , a cut will aim the 1.5570 levels.
On the upside , a failure to hold below the 1.5896 levels could mean a return to the 1.6007 levels , a break would open main resistance at the 1.6096 levels , a halt is likely , but a break will turn outlook neutral and reverse risk towards the 1.6225/1.6285 levels.
In all , as long as resistance 1.6096 holds on a daily closing basis , outlook in GBPUSD remains on the downside towards the 1.5800 levels ahead of the 1.5700 levels , above the 1.6096 levels will bring rebound towards the 1.6225/1.6285 levels.
Key data which may influence GBPUSD today :
- UK will release its data on Average Earnings Index +Bonus (Aug) and Claimant Count Change (Sep). at 08:30 GMT
- US will release data related to Core Retail Sales (MoM) (Sep) , PPI (MoM) (Sep) and Retail Sales (MoM) (Sep). at 12:30 GMT
The pair is under pressure , any positive data for GBPUSD is seen as opportunity to short at resistance , negative data will accelerate the expected bearish move .