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GBP/USD fall from the 1.5779 level extended further after broke below last week’s low and price formed a new low at 1.5632 level, and thus forming a falling channel in price. Intraday bias remains on the downside after forming of the new swing low and we expect price to drop further down. If price manage to make a sustain gain below 1.5779 it would signals that there is strength towards a test of 1.5485 key support level.
On the upside, if price bring back above 1.5779 and has a consistent trade above it, price would consolidations first and would gather strength for upward push. Reverse in price to go higher a sustain gain is needed to test 1.5912 resistance level, If price have positive break GBP/USD is facing first target at 1.6111 level.
Daily Pivots: Pivot Point – 1.5679, 1st Support – 1.5607, 1st Resistance – 1.5729
