GBPUSD: GBP continues to hold on to its downside bias failing at the 1.5505 level to close lower on a rejection candle on Tuesday. While it remains below the 1.5508 level and its 200 EMA, our bias remains to the downside. Resistance resides at the 1.5508 level.
A violation of here will clear the way for a run at the 1.5550 level. Further out, resistance resides at the 1.5600 level followed by the 1.5500 level. Its daily RSI is bullish and pointing higher suggesting further strength. Conversely, support comes in at the 1.5400 level with a break of here turning attention to the 1.5350 level. Further down, support lies at the 1.5300 level. Below here will set the stage for more weakness towards the 1.5250 level. On the whole, GBP faces the risk of further upside pressure.
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