GBPUSD: Weakens But Still Holds Its Medium Term Bias.

GBPUSD: Although GBP failed to follow through higher on the back of its previous week gains to close lower the past week, its medium term trend continues to point higher.
However, the caveat is that the pair must break and hold above the 1.6614 level to trigger the mentioned trend and then open the door for a move further higher towards the 1.6743 level, its 2011 high and then the 1.6900 level, its psycho level. Alternatively, support resides at the 1.6209 level followed by the 1.6110 level. However, the major barrier on further decline if seen stands at the 1.5846 level, its trendline bottom and 1.5778 level, its July’2011 low. Further down, support is seen at the 1.5700 level, its psycho level.