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GBP Trading Outlook (01-12-2015)

Medium Term Strategy: Forex Pair of the day

GBP/USD – further weakness
The pair has broken below the support at 1.5070 and remains under pressure below the declining moving averages. 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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