GBPUSD: Breaks the 1.6255/60 levels, Sets Up For The 1.6110 Level (Daily Technical Strategist)

GBPUSD: Having followed through lower during Friday trading session today and violated the
1.6255/60 levels, its Aug 15 & 25’2011 lows, risk has turned to the 1.6110 level, its Aug
11’2011 low. This is coming on the back of a loss of upside momentum at the 1.6614 level.
Below there will set the stage for further weakness towards the 1.6006 level and
ultimately, the 1.5778 level, its July’2011 low. Its daily RSI is bearish and pointing
lower suggesting further weakness. On the upside, GBP will have to break and hold above the 1.6614 level to halt its present bear threats. This if seen will bring further upside gains
towards the 1.6743 level, its 2011 high and then the 1.6900 level, its psycho level.