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GBPUSD: Faces Bear Threats On Price Failure.

GBPUSD: The pair saw a sharp sell off on Thursday, reversing most of its recovery gains and turning risk lower. This leaves the 1.5976 level as the next downside objective. Further down, support lies at the 1.5774/78 level with break of there turning attention to the 1.5457 level. Its daily RSI is bearish and pointing lower suggesting further declines. Alternatively, GBP must return above the 1.6177 level to reverse its present weakness. This if seen will pave the way for a run at the 1.6215 level. This could push the pair further higher towards the 1.6350 level. A breach will allow for more gains towards the 1.6400 level. On the whole, GBP has halted its upside offensive and turned lower with eyes on the 1.5976 level.