While GBP going to downside pressure, its broader some times bias remains to the upside. However, it will have to overcome its key resistance at the 1.6995 point to resume its medium term uptrend now on hold. In case this occurs, expect further bullishness towards the 1.7100 point, its psycho level where a violation will pave the way for a push higher towards the 1.7200 point. Further out, resistance comes in at the 1.7300 point. Its weekly RSI is bullish and pointing higher suggesting further strength.
On the other hand, as long as GBP trades and holds below the 1.6995/1.7000 points, the risk remains to the downside on corrective weakness. Support comes in at the 1.6730 point, its May 2014 low where a breach will set the stage for further decline towards the 1.6658 point. A turn below here will target the 1.6564 point. Further down, support is located at the 1.6500 point. finally, GBP/usd retains some times uptrend but pullback downtrend.
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