Akhmeem

Initial bias stays neutral for this week

FX:GBPUSD   BRITISH POUND / U.S. DOLLAR
63 1 1
Deeper decline is still expected as long as the key resistance @1.5508 holds. Break below minor support @1.5153 will turn the bias down to test the next support @1.5026 and break there will extend the bigger fall from 1.5929. However break above the key resistance will turn focus back to the resistance @1.5929 again.
Comment: The break of 1.5153 minor support suggests that rebound from 1.5026 has completed at 1.5335 already. Intraday bias is turned back to the downside for the support @1.5026 first. Break below will extend the whole fall from 1.5929 and would target 1.4565 low. In case of another recovery, outlook will stay bearish as long as 1.5508 resistance holds.
Comment: As I mentioned earlier last week, the price has broken 1.5153 minor support and tested 1.5026 support yesterday.
Comment: Correction:
As I mentioned earlier last week, the price has broken 1.5153 minor support and approaching to test the next support @ 1.5026 while the market closed for this weekend.
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