GBPUSD: TrendlineBreak Highlights The 16514 level

GBPUSD - GBP ended a third-day of downside weakness on Thursday breaking below its short term trendline(clearly seen on the 4 hourly chart) drawn from the 1.5706 level and switching focus to the 1.6514 level where its Nov 12'09 is located. Further downside momentum if seen will pave the way for a run at the 1.6249/60 area, its Oct 26'09/Nov 03'09 lows. These two key levels must hold if tested to prevent the pair from declining further and targeting its big support standing at its Oct 30'09 high at 1.6124 level ahead of the 1.5706 level, its Oct 13'09 low.Itsdaily RSI is bearish and pointing lower supporting this view. However, a break above its invalidated trendlineis required to halt its current downside weakness and bring further upmovetowards the 1.6875 level, its Nov 16'09 high with a clean penetration of there pushing the pair further higher towards its YTD high at 1.7041. Above that level will resume pair's medium term uptrend and open up upside risk towards its .50 Ret (2.1160-1.3501 decline) at 1.7314 ahead of the 1.7630 level, its Oct 12'08 high.