GBPUSD- MARKET UPDATE

The GBPUSD retraced by 23.6% of the  2010.01.19 08:00 down trend and currently at an important intra-day resistant zone.

I would expect a further down turn with a convincing close below the 50sma for a 50-100pips or a stop at the support zone 1.55340.

In the alternative, defeating 1.57516 should see us to 1.58862+