The GBPUSD maintained some bearish moment, last week, topped at the 1.6821 levels, and bottomed at the 1.6610 levels. Now the pressure will be on the 1.6610 levels.
The GBPUSD will have to hold below the 1.6610 levels on a weekly closing basis to push the market for further downside losses, If seen, It will target the 1.6382 levels, a halt is strongly suggested and buyers are likely to return from this level , but If 1.6382 fails on a weekly basis , expect the market to weaken further to the 1.6215/1.6000 levels.
On the upside, a failure to hold below the 1.6610 levels could mean a return to the 1.6821 levels, a halt might be seen, but If 1.6821 fails on a weekly basis, expect the pair to extend gains towards the 1.7000 levels ahead of 1.7300 levels.
In all, In short-term view – this week – the GBPUSD is likely to consolidate within 1.6610/1.6821 range before the next move, above 1.6820 will open 1.7000 levels while below 1.6610 will open 1.6382 levels before the next rise.
In medium term outlook, as long as 1.6382 holds on a weekly basis, sooner or later the pair will recapture the 1.7000 levels ahead of 1.7300 levels, below 1.6382 will reverse risks towards the 1.6215/1.6000 levels.
Note: day traders could buy the pair after rejection above 1.6610 on a daily basis with target towards the 1.6800 levels , or they could short after rejection below the 1.6610 on a daily basis with target towards the 1.6380 levels, the last option, buying the pair is recommended after rejection on a daily basis from the 1.6382 levels.