The GBP/USD pair gapped lower at the weekly opening, as the risk of a Grexit arose on the back of the victory of the "no" in the Greek referendum. Nevertheless, the slide remained limited, with the pair recovering from a fresh 3-week low of 1.5527, up to the 1.5600 region.
The 4 hours chart shows a lot of uncertainty, with long wicks in the candles that end up with the price stuck around 1.5550, the 50% retracement of its latest bullish run. In the same chart, the 20 SMA heads lower above the current price, and contained the early advance, whilst the technical indicators lack directional strength in negative territory, all of which maintains the risk towards the downside. Renewed selling interest below the mentioned daily low, should lead to a downward extension down to the 1.5470 region, 61.8% retracement of the same rally.
To the upside, the price needs to recover above the 1.5610 level to shrug off the negative tone, and attempt a recovery up to the 1.5650 price zone.
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