GBPUSD: GBP declined sharply below its key support at the 1.5551 level the past week leaving the risk of a move further lower in the new week. On the downside, support lies at the 1.5400 level where a break if seen will aim at the 1.5350 level. A break of here will turn attention to the 1.5300 level. Further down, support lies at the 1.5250 level. On the upside, resistance resides at the 1.5551 level with a break aiming at the 1.5600 level. A violation of here will aim at the 1.5650 level and possibly higher towards the 1.5700 level. On the whole, GBP continues to remain on the defensive.
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