GBPUSD – Under Pressure , Resistance is at 1.6177 !

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The GBPUSD has lost some of its upside momentum last week , printed a new resistance at the 1.6177 levels, stability below this level on a daily closing basis is likely to add pressure to the 1.5954/1.6004 levels , a halt is suggested but losing this level will confirm short term topping and flip bias to the downside towards the 1.5716/50 levels.

On the upside , sustained break above the 1.6177  is likely to recapture the 1.6259 levels with a breach , above the 1.6259 will target the 1.6396 levels, further upside will aim the 1.6615 levels.

In all, the GBPUSD is likely to consolidate within 1.5954/1.6177 range before the next move , the pair needs to break above 1.6177 or below 1.5954 to get out of this range !!!

Support and resistance levels (daily chart) : 1.5422 , 1.5552 , 1.5717 , 1.5751 , 1.5954(main) , 1.6177 (main), 1.6251 , 1.6396 , 1.6615





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