GBPUSD: The pair may have traded flat the past week after failing to hold above the 1.4610 level following its recovery from the 1.4257 level. Despite its broader downside bias, we continue to look for a full-blown corrective recovery as long as the pair trades and holds above the 1.4226/57 levels. Its immediate upside target lies at the 1.4638 level, its May 14'10 high with further strength through there setting the stage for a run at the 1.4915 level, its May 13'10 low. On a sustained break above the latter, its May 10'10 at 1.5052 will be targeted. That level is expected to provide a strong resistance and turn the pair lower again. However, if the 1.4257/26 levels are taken out, a resumption of its broader weakness will occur with the next downside objective located at its March'2009 low at 1.4112 and then its big psycho level at 1.4000. All in all, having printed a second week of lower level rejection candle, risk of a recovery higher continues to build up.