GBPUSD: The pair's sharp declines on Monday has subsided and turned it higher after backing off its intra day low at 1.4975 in early trading today. Although we will need to see the pair break back above the 1.5216 level to give us confidence of further up move, its ability to hold on to its current strength will improve that view. Beyond the 1.5216 level will set the stage for a run at the 1.5343 level, its Feb 19'10 low ahead of our bigger target standing at the 1.5574 level , its Feb 23'10 high. The 1.5343 level is expected to present a considerable resistance and turn the pair back down again but if that snaps, we will be looking at the 1.5574 level. On the downside, a violation of the 1.4975 level(intraday low) will put downside pressure on its Mar 10'10 high at 1.4871 and then its YTD low at 1.4782.
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