GBPUSD: Having remained weak and vulnerable to the downside, GBP/USD continues to retain its bearish bias. Despite its present price hesitation, we look for the pair to extend its past week losses in the new week. Support lies at the 1.4800 level where a break will turn attention to the 1.4750 level. Further down, support lies at the 1.4700 level. Below here will set the stage for more weakness towards the 1.4670 level.
On the upside, resistance stands at the 1.5000 levels with a turn above here allowing more strength to build up towards the 1.5150 level. Further out, resistance resides at the 1.5200 level followed by the 1.5350 level. On the whole, GBPUSD continues to retain its bearish bias as it looks to extend its downside pressure.
