GBP/USD: Loses Upside Steam
GBP/USD: Having GBP/USD lost upside momentum on Monday, we envisage a move lower in the days ahead. On the downside, support lies at the 1.4400 level where a break will turn attention to the 1.4350 level. Further down, support lies at the 1.4300 level. Below here will set the stage for more weakness towards the 1.4250 level. Conversely, resistance stands at the 1.4550 levels with a turn above here allowing more strength to build up towards the 1.4600 level. Further out, resistance resides at the 1.4650 level followed by the 1.4700 level. Its daily RSI is bearish and pointing higher suggesting further upside pressure. On the whole, GBP/USD remains biased to the downside but with caution.
GBP/USD Daily Chart