The GBP/USD pair has been trending downwards, since the 15th of July 2015. The sellers managed to retrace the price from as high as 1.5673 to as low as 1.5538.
The currency pair has somehow stabilised below 1.5568, attempting a second break above this level at 1.5575, which is a good indication that the buyers might gain momentum and push the price to the upside. In case where the price rises, the buyers could place their take profit targets at 1.5623 and 1.5673 respectively.
In the opposite scenario, where the sellers resume their selling activity and the price breaks successfully below 1.5538, the currency pair could be forced down to 1.5465.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.