GBPUSD: Sells Off, Eyes The 1.5911 level.

GBPUSD: GBP continues to weaken following g through lower today on the back of its last week strong sell off. This development now leaves the pair aiming at its key support located at the 1.5911 level, its Oct 23’2012 low. A decisive break below here will push the pair further lower towards the 1.5850 level and subsequently the 1.5774/78 level where a respite may be seen. However, if this fails to happen expect GPB to weaken further towards the 1.5457 level. Alternatively, on any pullback, immediate resistance lies at 1.6005 level but in order for the pair to convince the market it has ended its short term weakness, it will have to return above the 1.6215 level. This if seen will open up further offensive towards the 1.6350 level. On the whole, GBP continues to face downside pressure with the risk of recapturing its key support at 1.5911 level.