GBPUSD: Price extension saw GBP weakening further Tuesday. This development leaves it targeting the 1.5139 level. We expect a cap to occur here and turn it higher but if taken out, further downside could follow towards the 1.5050 level. Further down, support comes in at the 1.5000 level, its big psycho level. Its daily RSI is bearish and pointing lower supporting this view. On the upside, it will have to return to the 1.5248 level, its July 01’2013 high to halt its weakness. This if seen will have to occur to expose the 1.5350 level and then the 1.5477 level. On the whole, GBP continues to face bear threats with eyes on the 1.5100 level
