GBPUSD: The pair continues to build on its recovery set off from its Mar 25'10 low at 1.4796, following through higher today and eyeing a recapture of its Mar 23'10 high at 1.5110. An eventual break of that level will drive GBP further higher towards the 1.5343/80 levels, its Feb 19'10 low/Mar 17'10 high with a turn above there resuming its corrective recovery towards the 1.5574 level, its Feb 23'10 high. We will be watching how things pan out at the 1.5110 level as that level is key to further upside incursions. Its daily RSI has turned higher signifying further strength. On the other hand, below its 2010 low at 1.4782 level will have to be traded to invalidate its current consolidation to corrective bias and turn focus to the 1.4511 level, its April 26'10 low followed by its April'09 low at 1.4396.

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