GBPUSD: Halts Weakness On Rejection Candle

Posted By Posted On 10 January 2016

GBPUSD: GBP has halted its weakness to close on a rejection candle on Thursday. This development has set the tone for a recovery higher threats. Support lies at the 1.4550 level where a break will turn attention to the 1.4500 level. Further down, support lies at the 1.4500 level. Below here will set the stage for more weakness towards the 1.4450 level. Its daily RSI is bearish and pointing lower supporting this view. Resistance stands at the 1.4700 levels with a turn above here allowing more strength to build up towards the 1.4750 level. Further out, resistance resides at the 1.4800 level followed by the 1.4850 level. On the whole, GBP faces the risk of further downside pressure following a rejection candle print.


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