GBPUSD: Weakens, Eyes On The 1.5934 Level.
GBPUSD:  The pair’s failure at the 1.6262 level saw it sold off strongly on Wednesday breaking below  the 1.6076/56 zone to close lower at 1.6039.With a continuation of that weakness now underway, the risk is now building up towards its Mar 28’2011 low at 1.5934. Further down, support lies at the 1.5749 level, its Jan 25’2011 low. Its daily RSI is bearish and pointing lower suggesting further weakness. On the contrary,  GBP will have to climb back above the 1.6076/56 zone to annul its present weakness and target the 1.6262 level, its Jun 22’2011 low. The ultimate test will be a return above the 1.6546 level, its May 31’2011 high. This if seen will target the 1.6743 level, its 2011 high and then the 1.6877 level, its Nov’2009 high.

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