Forex Flash: Heavy GBP/USD bias – RBS

FXstreet.com (Barcelona) - "The moving average in GBPUSD has recently converged and suddenly the 5 day broke away with price action yesterday; the equivalent Fibonacci important level in the GBPUSD chart similar to that of the EUR chart is at 1.5951, that is a the 38.2% retracement from the August - September rally." writes Technical Markets Strategist William Moore at RBS.

According to Moore, "As such, price action is choppy, though with an engrained bearish theme. We recommend a resumption of the 1.5600 target overall."