The weakness of the GBPUSD came with an abrupt decline last week after touching the 1.5990 major resistance trend line. This is considered to be a major correction on the daily as renewed selling pressure came from the USD rally beyond the 79.50 basis level and sustained it higher at the current price of 79.80. Again, the key prices to watch would be first the USDx market movements, the next level of support for the GBPUSD is at the 1.5640/50 range with an expected daily and session to session correction no higher than the 1.5820/80 levels. And probable extensions at the 1.5520/40 levels that may likewise serve as a trend line support for the weekly chart formation. Some consolidation would be found at these levels as the Euro & the USDx may find some levels of support and resistances between net ling and short traders readjusting positions at the continuation of the second week of trading activities. A weekly chart formation of these prices is still higher from its previous low at the 1.5230 last 01.13.12. Thus making these prices within the interim rising channel; well within a major trend lower.
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