GBPUSD: The has started building on its Friday recovery following through higher in early trading today and increasing risk of further strength. The challenge for its corrective to consolidation tone is to head further higher through a key resistance located at its Mar 23'10 high at 1.5110, a break of which will drive the pair further towards the 1.5343/80 levels, its Feb 19'10 low/Mar 17'10 high with a turn above that level resuming its corrective recovery towards the 1.5574 level, its Feb 23'10 high. We will be watching how things pan out at the 1.5110 level as that level is key to further upside incursions. Its daily RSI has turned higher suggesting further strength. Alternatively, below its 2010 low at 1.4782 level will end its current consolidation to corrective bias and turn focus to the downside towards the 1.4511 level, its April 26'10 low followed by its April'09 low at 1.4396.
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