With the pair failing to follow through higher and closing lower the past week, further weakness could be seen as we enter a new week. This development has kept GBP within its triangle pattern. Support lies at the 1.5819 level, its Jan 19'2011 low followed by the 1.5749 level and then the 1.5660 level, its Dec'2010 low. Conversely, to resume its bullish strength, the pair must break and hold above the 1.6272 level with a loss of there turning focus to its Nov'2010 high at 1.6298. Further out, resistance lies at the 1.6455 level, its Jan 20100 high with clearance of that level aiming at the 1.6877 level, its Nov'2009 high.
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