Forex Flash: GBP/USD exhibits bearish theme still – RBS (Barcelona) - According to William Moore, a Technical Markets Strategist at RBS, “A disappointing follow through by the GBP/USD from the bear flag pattern as highlighted yesterday and the failure of this pattern to reach its target caused a stop loss to be triggered at the 1.6010 level.”

Intraday, we have very little to add, despite the recent pullback; we still like the overall bearish theme on the metrics as outlined for the last month. Technically speaking, important topside levels lie at 1.6048 and 1.6070, whereas the main downside supports lie at 1.6010, 1.5970 and 1.5918.” writes Moore.