GBPUSD: With GBP extending its weakness following its last week bear pressure, further downside momentum is likely in the days ahead. In such a case, the 1.5452 level, its Jun 12’2012 low will be targeted where a break will aim at its Jun 2012 low at the 1.5266 level. A breather could occur here and turn the pair back up. But if this fails to materialize, further declines should develop towards the 1.5371 level, its Jun 06’2012 low. Below here will call for a move further lower towards its July 18’2010 low located at the 1.5122 level. On the upside, the pair will have to break and hold above the 1.5774 level to resume its corrective recovery towards the 1.5857 level where a violation if seen will target the 1.6000 level. Price hesitation may happen at this level and possibly turn the pair back down. On the whole, GBP now faces bear threats having halted its correction recover at the 1.5774 level.
