The pair is now seen on the offensive with eyes on the 1.5774/78 levels. GBP will have to decisively break and hold above that zone to prevent a return to the 1.5457 level from occurring. Above the 1.5774/78 levels will pave the way for a run at the 1.5857 level where a violation will expose the 1.6000 level. Its daily RSI is bullish and pointing higher supporting this view. On the other hand, below the 1.5457 level will open the door for further declines 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. On the whole, GBP must break and hold above its key resistance to trigger further upside.

"Daily