GBPUSD: Risk Remains Lower Below The 1.5371/83 Region

GBPUSD: GBP declined sharply the past week leaving risk of more weakness on the cards. While it holds and trades below its cluster of resistance zone at 1.5371/83, its outlook remains lower. Support lies at the 1.5250 level where a break will turn attention to the 1.5300 level. Further down, support lies at the 1.5200 level. Below here will set the stage for more weakness towards the 1.5150 level. Its weakly RSI is bearish and pointing lower suggesting further weakness.  Conversely, resistance stands at the 1.5350 levels with a turn above here allowing more strength to build up towards the 1.5400 level. Further out, resistance resides at the 1.5450 level followed by the 1.5500 level. On the whole, GBP faces the risk of further downside pressure.

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