Will GBPUSD Resume Lower? GBPUSD rallied to 1.6115 highs in the...

Will GBPUSD Resume Lower?

GBPUSD rallied to 1.6115 highs in the Asian session only to fall in a vicious sell-off to 1.5980. However, 15980 has become a strong level of support this week, best seen on the hourly (or 5-minute) chart. A bounce off this level targets the top of the consolidation range at 1.6040/50. A break there targets highs again above 1.6100.

If GBPUSD is to continue its bear trend, price will need to break and hold below this 1.5980 level.