GBPUSD: Corrective recovery momentum continues to shape up as the pair now eyes further strength towards the 1.4768 level, its Jun 02'10 high. As long as GBP trades and holds above the 1.4257/26 zone, its May 25'10/2010 lows, our corrective recovery view remains valid.
This suggests that an eventual recapture of the 1.4768 level is likely to trigger its corrective recovery resumption towards the 1.4915 level, its May 13'10 low.
On a sustained break above there, its May 10'10 at 1.5052 will be targeted. On the downside, to reverse its corrective recovery/consolidation view, the pair will have to convincingly violatethe 1.4257/26 zone to resume its broader weakness with the next downside objective located at its March'2009 low at 1.4112 and then its big psycho level at 1.4000.