GBP/USD Outlook 21.11.14
This pair has found support around the 1.56000 area and has been in a period of consolidation.
Two attempts have been made at this support level and failed. On the other hand we have yet to see any significant bullish move or a higher high on the second test to show an increase in buyers.
A failure to hold above the 1.57000 which is posing as major resistance the pair is under increasing pressure with the break of 1.56619.
I would expect a retest of the 1.56000 level and a possible breach leading the way open to a very bearish move.
Support Levels
1.56000
1.55500
1.55000
1.54600
I would not expect this pair to have any real bullish intent unless we get a break above 1.57700.