GBPUSD: With GBP reversing its intra-day gains and selling off to resume its broader downside weakness during Tuesday trading session, the risk is for the pair to target the 1.5515 level, its Jan 23’2012 high. As long as it can hold below the 1.5714 level and the 1.5642/53 levels, its Feb 14/15’2012 lows this view remains valid. A breach of here if seen will aim at the 1.5497 level, its Jan 10’2012 high. Further down, support comes in at the 1.5411 level. Its daily RSI is bearish and pointing lower suggesting further declines. The alternative scenario will be for the pair to halt its weakness and then return above the 1.5714 level and the 1.5880 level. This if it materializes will target the 1.6000 level and subsequently the 1.6180 level with a turn above here calling for a run at the 1.6293 level, its weekly 200 ema. On the whole, the pair continues to hold on to its downside pressure.
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