GBP/USD Continues The Fall But Rebounds Off Double Bottom

The GBPUSD broke through neckline support yesterday at the 1.6164 area and fell sharply. The trend continued today with a new low being made at the 1.5915 level. This is the lowest level since June 8th when the price reached a low price of 1.5801 before rebounding sharply. On that day, the price closed at the 1.5974 level, the most recent low close . This is currently where the market is trading.  I will be watching this level today with intraday bias to the downside below while bias to the upside on a move higher.    The 1.5965 level is also a minor intraday support level on an intraday basis. This is the 61.8% retracement of the last intraday spike higher. The price is in a narrow range around these two levels.  However, the pair remains under pressure.

On the upside a move above 1.5974 would look toward resistance against the 100 and 200 bar MA at the 1.5999 and 1.6005 levels.   A move lower will target the 1.5940 level. The double low at 1.5915 should also provide support but do not fade breaks lower.

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