GBPUSD: With GBP closing higher on Monday, further upside is envisaged. While holding above its year – to-date-low at 1.5589 level, recovery risk remains. On the downside, support lies at the 1.5600 level where a break will aim at the 1.5550 level. A break of here will turn attention to the 1.5500 level.
Further down, support lies at the 1.5400 level. Its weekly RSI is bearish and pointing lower supporting this view. Resistance resides at the 1.6050 level with a break aiming at the 1.6100 level. A violation will aim at the 1.6150 level and possibly higher towards the 1.6200 level. On the whole, GBP continues to retain its broader downside bias medium term.
