GBPUSD: Having continued to maintain its consolidation price activities, we expect GBP to eventually end that correction and prompt further upside momentum aiming at its falling trendline presently located at the 1.5314 level. This level is likely to hold as resistance on initial test and turn the pair back down. However, on further gains beyond that level, strength should build up towards its psycho level at 1.5400 and then its April 15'10 high at 1.5521. Its weekly RSI is bullish and pointing higher supporting this view.
Alternatively, on any pullback from the current price levels, we expect the 1.5127 level to serve as the initial support where a reversal of roles is expected to turn the pair higher again. Below there will activate further weakness towards the 1.4872 level, its July 01'10 low followed by the 1.4685 level, its Jun 22'10 high.