GBPUSD's fall Thursday creates negative trend; Targets 1.5463

Cable's decline Wednesday was extended into a 2^nd negative daily performance in succession Thursday. This move confirms the end of 2 days of indecisive price action around 1.5700 and turns it into a clear bearish trend. Momentum is bearish in the background and although oversold extremes are a concern, we look for rallies to find fresh sellers.

We are Bearish below 1.5585.

The immediate objective is 1.5500, yesterday's low,  with a move below that point targeting 1.5463, a 62% pullback of June’s rise, or even 1.5414.

The risk to this call is that oversold extremes correct higher and earlier than currently assessed. This would be confirmed by a move above 1.5585 with renewed demand then focusing on 1.5624, yesterday's top, or even 1.5640, half of Wednesday’s net fall.