Outlook in GBPUSD has turned neutral with risk to the downside , resistance comes at the 1.6524 levels , a failure to hold above the 1.6524 levels on a weekly closing basis could mean a return to the 1.6051 levels , a cut will resume the whole fall towards the 1.5853 levels , a halt is likely , but losing the 1.5853 levels will continue losses towards the 1.5500 levels.
On the upside , resistance comes at the 1.6259 levels ahead of the 1.6524 levels (main) , sustained trading – weekly closing – above the 1.6524 levels will put the pair in recovery mode , but upside move above the 1.6524 levels should be limited strongly by the 1.6765/1.6888 levels..
In all , as long as resistance 1.6524 holds on a weekly closing basis , outlook in GBPUSD remains on the downside towards the 1.6160/1.6051 levels , and possible lower towards the 1.5853 levels , a clear break above the 1.6524 levels will bring recovery towards the 1.6765/1.6888 levels before the next fall..
Note: Stability above the 1.6259 levels on a weekly basis could mean a return to the 1.6524 levels , If seen , that would be an opportunity to short the pair around / below the 1.6524 levels, sustained trading below the 1.6259 levels will accelerate the bearish move towards the 1.6160/1.6051 levels
Time Frame : Weekly
Bearish Mode : Below 1.6524
Recovery Mode: Above 1.6524
Bullish Mode : Above 1.6888