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FxWirePro: GBP/USD bulls remain cautiously optimistic 
- Copper is extending weakness for the 6th straight week, bias remains bearish.
- The pair has been on a rampage since beginning of June and we see further extension of downside.
- Price has been breaking major supports every week:
- Ichimoku cloud at 2.895
- 100W-SMA at 2.794
- 38.2% Fib at 2.791
- trendline aupport at 2.752
- The next major bear target lies at 200W SMA at 2.622. Violation there will open up further downside.
- Momentum indiactors have approached oversold levels on the weekly chart which could see minor pullbacks.
- Larger trend remains bearish and we see no major signs of reversal.
- Retrace above 100W SMA at 2.80 could see some consolidation. Break above cloud will negate bearish bias.
FxWirePro Currency Strength Index: FxWirePro's Hourly USD Spot Index was at 55.4973 (Neutral) at 1145 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
