GBPUSD: As GBP continues to hold above its rising trendline support, risk is now turning towards the 1.6554 level, its July 20'09 high. Invalidating that level will highlight the 1.6742 level, its YTD high where a clearance will put the pair in position to head towards the 1.7000 level, its psycho level. Its daily RSI is positive and trending higher suggesting further strength. On the downside, the 1.6379 level, its July 09'09 high comes in as the initial support ahead of the 1.6075 levels(its rising trendline support) with a decline below there allowing the pair to weaken further towards the 1.5798 level, its Jun 08'09 low and then the 1.5374 level, its Jan 08'09 high. All in all, while the pair still retains its medium term upside bias, a close above the 1.6742 level is needed to resume that trend.

Support Comments
1.6379July 09'09 high
1.6075Channel Support
1.6000Psycho Level
Resistance Comments 
1.6554July 20'09 high
1.6742Jun 30'09 high
1.7000Psycho level