GBP/USD: Continued weakness saw GBP extending its corrective pullback on Tuesday. This leaves the risk of further downside on the cards. Support lies at the 1.6000 level followed by 1.5950 level and then the 1.5900 level.
Further down, support lies at the 1.5850 level and next the 1.5800 level. Conversely, resistance resides at the 1.6115 level where a violation will aim at the 1.6246 level. A breach of here will resume its medium term uptrend.
Further out, resistance resides at the 1.6300 level with breach targeting the 1.6350 level where a violation will pave the way for a run at the 1.6400 level. On the whole, GBP remains biased to the Upside.
Guest post by FX Tech Strategy
