GBPUSD: Recovery Risk Points Higher.

[Mohammed Isah]

GBPUSD: With GBP reversing most of its previous week losses to close the week higher, further upside risk is expected despite its present price hesitation. Further out, resistance stands at the 1.5774 level where a violation will target the 1.5857 level. A breach if seen will aim at the 1.6000 level. Price hesitation could occur here and possibly turn the pair back down. On the downside, support lies at the 1.5600 level followed by the 1.5481 level. Further down, support comes in at the 1.5452 level where a break will aim at its Jun 2012 low at the 1.5266 level. Below here will call for a move further lower towards its July 18’2010 low located at the 1.5122 level. On the whole, GBP now faces bear threats having halted its price correction at the 1.5774 level.