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GBP Trading Outlook (23-11-2015)

Medium Term Strategy: Forex Pair of the day

GBP/USD – under pressure
The pair has broken below the support at 1.5070 and is currently posting a pull back. Moreover, the daily RSI stands below its neutrality area. Further weakness is therefore likely with 1.4850 as a first target (horizontal support) and 1.4560 in extension (horizontal support and April low). A third target is set at 1.4230 (May 2010 bottom). Only a rebound above the resistance at 1.5660 (September top) would turn the outlook to bullish with a first alternative target set at 1.5940 (June top and previous overlap) and a second one set at 1.6190( 61.8% retracement of the July 2014 to April down leg).
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