With a second week of recovery gains seeing GBP closing higher the past week, further upside gains is expected towards the 1.6546 level, its May 31'2011 high. On a clearance of this level, additional strength will aim at the 1.6743 level, its 2011 high and then the 1.6900 level, its psycho level. Its weekly RSI is bullish and pointing higher targeting further strength. Alternatively, support comes in at the 1.6193 level but the major barrier on further decline stands at the 1.5778 level, its July'2011 low. Further down, support is seen at the 1.5700 level, its psycho level. All in all, GBP faces bull pressure on corrective recovery started from the 1.5778 level.

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