With GBP taking back almost all of its previous week gains at the end of the week, the risk is for it to decline further in the new week. This will put the 1.5457 level under pressure where a breach will set the stage for a move lower towards the 1.5391 level. A clearance of here will turn focus to its Jun 2012 low at the 1.5266 level. Further down, support lies at its July 18'2010 low at 1.5122. Its weekly RSI is bearish and pointing lower supporting this view. Conversely, the pair will have to break and hold above the 1.5774/78 levels to end its present weakness and trigger price extension. In such a case, the 1.5857 level will come in as the next upside where a violation will expose the 1.6000 level. On the whole, GBP faces downside risks.

""