Forex: GBP/USD stay out before correction - Kshitij

FXstreet.com (Barcelona) - The GBPUSD closed flat last week after Friday's retracement of gains. "It was important for it to give a weekly closing above 1.6200 as mentioned in our daily reports all through last week, but this last day's drop and a close below 1.6200 has spoilt the party for the Cable bulls", wrote Kshitij Consultancy Services team of analysts, pointing to an intact uptrend while above 1.6140-25 on a daily closing basis and a bullish mode above 1.6200 that would target 1.6300, while support lies at 1.6160.

"On the other hand a break and a close below 1.6140-25 will add pressure on it for a fall to 1.6000 (support on monthly). If looked at an even bigger picture then it looks bullish for the test of 1.6400-50 on a weekly close above 1.6300 but before that there are chances of a dip", they added, favoring a corrective fall to 1.6050-6000 first before any further rise. The advice is to stay out of the market until then.