By Mohammed Isah of

GBP-USD: Having closed lower this week following its failure at the 1.5380 level, the pair is now eyeing 1.4871, its March 10 low.

We expect either that level or the year-to-date low at 1.4782 to hold on an initial test.

The latter level preserves the pair's current corrective to consolidation bias, but a break there would put that bias on hold and bring further downside pressure toward 1.4511, the April 26 low, and possibly lower.

The weekly RSI is bearish and pointing lower, suggesting further downside.

If the pair can stay above the 1.4871 or 1.4782 levels, however, we look for it to continue its consolidation to corrective price action.

Resistance comes in at 1.5343 and 1.5380, the Feb 19 low and March 17 high, respectively. A break of those levels would trigger the resumption of the corrective recovery toward bigger resistance at 1.5574, the Feb. 23 high.
Mohammed Isah is a technical strategist and head of research at, 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 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 At, he writes daily, weekly and long-term technical commentaries on currencies and commodities, which are offered to its clients. He also produces The Professional Suite 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.