GBPUSD: GBP remains weak and vulnerable following through on its Wednesday losses and targeting further downside. Support comes in at the 1.5200 level. We expect a cap to occur here and turn it higher but if taken out, further downside could follow towards the 1.5150 level and then the 1.5100 level. Its daily RSI is bearish and pointing lower supporting this view. On the upside, it will have to return to the 1.5477 level to halt its declines. This if seen will push it further towards the 1.5530/55 levels. Above here 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. On the whole, GBP continues to face bear threats.
