Outlook in GBPUSD remains on the downside as long as resistance 1.5789/1.5941 holds on a weekly closing basis , support comes at the 1.5589 levels . To resume fall from 1.6524 levels , 1.5589 should be broken on a weekly closing basis , If seen , focus will be on the 1.5335 levels ahead of the 1.5000/1.4813 levels . Note that stability above the 1.5589 levels could mean a return to the 1.5789/1.5941 levels before the next possible fall.
On the upside resistance comes at the 1.5789 levels ahead of the 1.5941 levels (main) , stability below resistance levels will keep the pair under pressure , however ; a clear break above the 1.5941 is needed to signal short term bottoming , If seen , expect rebound to be extended towards the 1.2637 levels before the next fall ..
In all , as long as resistance 1.5789/1.5941 holds on a weekly closing basis , outlook in GBPUSD remains on the downside towards the 1.5589 levels ahead of the 1.5335 levels where a cut will open 1.5000/1.4813 levels , above 1.5941 will reverse risk towards 1.6237/1.6524 levels.
Note: For Intraday traders ; short term resistance comes at the 1.5789 levels , the pair is bearish below this level , above 1.5789 is neutral , above 1.5941 the trend will change to bullish, below 1.5589 the trend is very bearish …