The GBPUSD maintained a bearish momentum a few days ago, topped at the 1.6440 levels and bottomed at the 1.6290 levels, now the pressure will be on the key support 1.6290.
The GBPUSD will have to hold below the 1.6290 levels on a daily closing basis to push the market for further downside losses, If seen It will target the 1.6218 levels where a breach will turn the focus on the 1.6138 levels, further out will aim the 1.6071/1.6047 levels. losing the 1.6047 will have large bearish implication towards 1.5850 levels.
Alternatively, a failure to hold below the 1.6290 levels on a daily closing basis could mean a return to the 1.6440 levels, a halt is suggested, and sellers may dominate the market here, but break of 1.6440 levels will suggest that fall from 1.6670 is over and the pair is likely to recapture the 1.6670 levels once again, a halt could be seen, but a breach will call for a run towards the 1.6745 levels ahead of the 1.6875 levels.
In all, the GBPUSD is likely to retain its medium-term downside bias as long as resistance 1.6440 holds on a daily closing basis, above this level will resume the long-term bullish trend.
Support & resistance : 1.5850 , 1.6047 , 1.6076 , 1.6138 , 1.6218 , 1.6290 ,1.6345, 1.6440 (Pivot) , 1.6586 , 1.6670 , 1.6745 , 1.6875
Data which may influence GBPUSD : (BOE) Interest Rate Decision .Thursday at 12:00 GMT