GBPUSD: The pair may be stuck between its April 15'10 high at 1.5521 and the 1.5127/25 levels (April 06/28'10 lows) but continues to retain its overall consolidation to corrective tone activated from the 1.4782 level. With its first monthly higher close seen since starting its current downtrend, bottom forming processes may have been triggered. This implies that an eventual break of the 1.5521 level will occur thus sending the pair even higher towards the 1.5574 level, its Feb 23'10 high and then the 1.5814 level, its Feb 17'10 high. A cap may occur there and turn the pair back down. On the other hand, if the 1.5127/25 zone is taken out, downside risk will shape up towards its Mar 25'10 low at 1.4796 and its 2010 low at 1.4782 level. This zone preserves GBP's present consolidation to corrective price action. Therefore, a break will resume its broader medium term declines towards the 1.4511 level, its April 26'10 low and then its April'09 low at 1.4396. All in all, the pair looks to retarget the 1.5521 level as long as it holds above the 1.5127 and 1.5125 levels.