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GBP/USD managed to trade above 1.6004 yesterday, but failed to sustain gain and retreat back below resistance level. Intraday bias remains on the downside after failed trade above resistance level we expect price to drop further down. This sideway move in which GBP/USD is in signals that bulls lost all their gather power and now sellers outnumbered them, and price is heading towards 1.5786 level and for this scenario a positive test of 1.5912 is needed. If this level falls it would confirm bearish bias in middle term trading. On the upside, if price break above 1.6209 it would bring consolidations first and flip the bias to neutral. If price have positive break GBP/USD is facing first target at 1.6455.
Daily Pivots: Pivot Point – 1.5989, 1st Support – 1.5896, 1st Resistance – 1.6066
