The GBPUSD maintained some bearish momentum yesterday , topped at the 1.6162 levels, bottomed at the 1.6021 levels, now pressure will be on the 1.6021 levels.
The GBPUSD will have to hold below the 1.6021 levels on a daily closing basis to push the market for further downside losses ,If seen , It will target the 1.5716/1.5750 levels, a halt is suggested , but a breach will turn focus on the 1.5552 levels, further downside will aim the 1.5422 levels.
Alternatively, a failure to hold below the 1.6021 levels on a daily closing basis , could mean a return to the 1.6162 levels, If seen , a breach is likely , above 1.6162 will turn focus on the 1.6251 levels, further upside will aim the 1.6396 levels, a halt is also suggested (double top ) , but sustained break above 1.6396 will have large bullish implication towards the 1.6615 levels.
In All, the GBPUSD will remain biased to the upside as long as 1.6021 holds with risk towards the 1.6162/1.6251 levels ahead of the 1.6400 levels , only a break below 1.6021 would delay the bullish move and reverse risks to the downside .
Support and resistance levels (daily chart) : 1.5422 , 1.5552 , 1.5717 , 1.5751 , 1.6021 , 1.6162 , 1.6251 , 1.6396 , 1.6615