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Continued Bearish Outlook For GBP/USD

Published 21/11/2014, 10:14
GBP/USD
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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.
GBPUSD Chart

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