Outlook in GBPUSD remains on the downside – cautiously – as long as resistance 1.5789/1.5941 holds on a weekly closing basis , support comes at the 1.5665 levels .At this point I’d expect strong support from the 1.5656 levels to contain fall from the 1.6524 levels and bring rebound , however ; a clear break below the 1.5656 levels will have large bearish implication towards the 1.5426/1.5221 levels ahead of the 1.4813 levels .
On the upside , a rejection from the 1.5656 levels could mean a return to the 1.5789 levels , a break would open main resistance at the 1.5941 levels . a halt is likely , but further upside will aim the 1.6237 levels.
In all , as long as resistance 1.5789/1.5941 holds on a weekly closing basis , outlook in GBPUSD remains – cautiously – on the downside , but sustained trading below the 1.5656 levels is needed to resume fall from 1.6524 levels towards the 1.5426/1.5221 levels. A rejection from the 1.5656 levels will bring rebound towards the 1.5789/1.5941 levels , further upside will aim the 1.6237 levels .