GBPUSD: With an intra reversal of its weakness seen and a subsequent rally putting it on a positive close on Tuesday, GBP was seen building up on those gains in early trading today. This development has left the pair targeting the 1.4935 level which is currently being challenged. If that level eventually gives in we are in for another run at the 1.5000/52 level, its psycho level/May 10'10 high.

This level could provide a respite and turn the pair lower on correction if tested. Nevertheless, if that fails to materialize, an attempt will be made on the 1.5308 level, its May'10 high. On the contrary, a decisive clearance  of the 1.4569 and the 1.4344 levels must occur for further weakness to materialize towards the 1.4257/26 levels. Below there will reverse its corrective recovery and create scope for the resumption of its broader weakness from the 1.7041 level towards its March'2009 low at 1.4112 and then its big psycho level at 1.4000.