GBPUSD: The pair has decisively broken below its 2010 low at 1.5343 and is now threatening the 1.5276 level, its .50 Fib Ret (1.3501-1.7041 rally).This fresh bear offensive is coming on the heels of a 1.5574 high failure on Jan 23'10. We are now looking for a break of the 1.5276 level to create additional downside weakness towards its big psycho level at 1.5000.A breather could be seen here on initial retest but if that snaps, its .618 Fib Ret (1.3501-1.7041 rally)at 1.4829 will be targeted. Alternatively, GBP must break and hold above the 1.5532/74 levels to reverse its current weakness and trigger upside risk towards the 1.5610 level, its Feb 15'10 low and then its Feb 17'10 high at 1.5814 where a cap is envisaged.

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