The following commentary comes from an independent investor or market observer as part of TheStreet's guest contributor program, which is separate from the company's news coverage.
NEW YORK (
) - The GBP-USD pair remains weak and vulnerable within its established sideways trading range. Further weakness could be developing towards the 1.5976 level.
We expect a halt in declines to occur at that level if tested. Further down, support comes at the 1.5819 level, its Jan. 19, 2011 low.
Its daily RSI is bearish and pointing lower.
On the other hand, a return above the 1.6397 level must occur to reverse its present bear threats. This will clear the way for a push further higher towards the 1.6455 level followed by the 1.6720 level and next the 1.6877 level, its November, 2009 high.
All in all, though retaining its broader bullish structure, GBP remains trapped in a range.
Mohammed Isah is a technical strategist and head of research at FXTechstrategy.com, a technical-research Web site. He has been trading and analyzing the foreign exchange market for the past seven years. He formerly traded stocks before crossing over to the forex market, where he worked for FXInstructor LLC as a technical analyst and head of research before joining FXTechstrategy.com. He has written extensively on the forex market and technical analysis and his articles have been featured in The Technical Analyst Magazine, The Forex Journal Magazine, The International Business Times and FXstreet.com. At FXTechstrategy.com, he writes daily, weekly and long-term technical commentaries on currencies and commodities, which are offered to its clients. He also produces
for his subscribers. He provides full coverage of the forex market with specific focus on G10 currencies as well as the commodities markets, with focus on five key commodities.