GBPUSD: The weekly cross-hair after a daily - rounded top consolidation has provided the Sterling Pound's weakness. Currently working at the 1.6190 would continue its decline and daily pull-back near the 1.6100/10 levels (S1).
Bullish momentum have declined from its daily consolidation while the gradual decline has been more associated with the strength of the USD and its related favorable reports the past couple of days. For now the registered high @1.6308 would serve as its initial topping-out formation and price levels. As long as the USD remains in positive territory a gradual decline can be expected.
Although, the daily bar chart in this figure shows the pullback from its daily corrective high @1.6174 failing to maintain and closed lower for the first trading day of October. Extensions to watch for are the 1.6050 (S1) levels and 1.6185/95 (R1) on a corrective move whenever favorable reports would come out of the UK and EU zone for the weeks ahead.
Current prices are stable for now while traders are waiting for some important figures this week from the Bank of England, the US FOMC minutes and particularly the unemployment figures.
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