GBPUSD: GBP may have halted its weakness and looks to recover higher but it will have to retake the 1.5530/55 levels to prevent further downside risk. This if seen will open the door for more upside towards the 1.5676 level with a breach of here turning focus to the 1.5750 level. Above here must be traded to resume its medium term uptrend. Conversely, the risk to this analysis will be a return to the downside with recapture of its Thursday low at the 1.5343 level. We expect a cap to occur here and turn it higher but if taken out, further downside could follow towards the 1.5300 level. On the whole, GBP still faces bear threats despite recovery attempts.
GBPUSD: Recovering With Caution.
- Thread starter FXTechstrategy Team
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