GBPUSD: Having backed off lower level prices at 1.6112 to close higher on Tuesday, GBP was seen following through higher in early trading today. That leaves its present recovery targeting its Aug 28'09 high at 1.6379 at first followed by the 1.6622 level, its Aug 16'09 high with a loss of there targeting the 1.6742 level, its July 30'09 high and then the 1.7000 level. Further than there will clear the way for a run at the 1.7041 level, its Aug 05'09 high. Its daily RSI remains bullish and pointing higher supporting further strength. Conversely, a fade in its current upside recovery should see the pair turn lower aiming at the 1.6111 level, its Sept 01'09 high with a loss of there pushing the pair further lower towards the 1.5982 level, its July 08'09 low and then the 1.5798 level, its July 08'09 low.On the whole, with a halt in its declines off the 1.7041 level, recovery higher should is now envisaged.
Daily Chart: GBPUSD