The GBPUSD maintained some bearish momentum last , bottomed at the 1.6004 levels ,and topped at the 1.6259 levels, now pressure will be on the 1.6004 levels.
The GBPUSD will have to hold below the 1.6004 levels on a weekly closing basis to push the market for further downside losses ,If seen ,It will target the 1.5716/1.5750 levels where a breach will turn focus on the 1.5426/1.5500 levels .
Alternatively, a failure to hold below the 1.6004 levels could mean a return to the 1.6259 levels, a halt is suggested , but a clear break above the 1.6259 levels would open the 1.6440 levels, further upside will aim the 1.6750 levels.
In all , the GBPUSD is likely to consolidate with upside bias as long as the 1.6004 levels hold on a weekly closing basis,losing the 1.6004 levels will confirm short term topping and flip bias to the downside .
Support and resistance levels (weekly chart) : 1.4813 , 1.5204 , 1.5426 (main) , 1.5505 ,1.5716 ,1.6004(main), 1.6259 , 1.6380, 1.6440,1.6750
Trend Strength (Weekly Chart):
Bullish : above 1.6004
Neutral : below 1.6004
Bearish : below 1.5426
Recommendations : buy after rejection above the 1.6004 levels ( daily basis ),OR short after rejection below the 1.6004 levels (daily basis) , for more details stay tuned for daily chart updates .