GBP/USD's downward movement from 1.6785 extended to as low as 1.6596. A deeper decline would be likely seen in a couple of days, and the target would be at the 1.6500 area. Resistance is at 1.6710, only a break above this level could trigger another rise to re-test the 1.6822 resistance level.
In the daily chart, the pair broke the supported trend line, making lower lows and lower highs that raises a bearish view. In Asia, the pair is trading at the level of 1.6620. 1.6637-1.65808 is the current trading range. After an either side breakout, we will see further move. A move below 1.6543 rises more bearish views.
INTRADAY VIEW-
Buy above 1.6627 with targets at 1.6644, 1.6662, 1.6682, and 1.6741.
In the H4 and H1charts, RSI is giving positive divergence. So we could expect a pullback. For intraday session, the pair will get some strength only above the level of 1.6627 and reversal will take place above 1.6631. If it trades above the level of 1.6631, we could see 1.6644, 1.6662, 1.6682, and 1.6741 levels immediately.
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