GBPUSD: Although the pair's price action saw it wiping out its Thursday gains, it still closed higher at 1.4548 on Friday. This has sustained its recovery initiated from the 1.4226 level, its 2010 low and now leaves upside risk towards the 1.4768 level, its Jun 02'10 high and next the 1.5000/52 level, its psycho level/May 10'10 high. A breather is expected at that zone to turn the pair down again. On the contrary, a decisive clearance of the 1.4257/26 levels is needed to reverse its corrective recovery bias and create scope for the resumption of its broader weakness towards its March'2009 low at 1.4112 and then its big psycho level at 1.4000. All in all, GBPUSD remains nearer term biased to the upside with risk seen towards the 1.4768 level.
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