GBPUSD: With an attempt on the downside failing at the 1.4257 level and turning the pair higher to close flat on a negative candle pattern on Tuesday, risk of a return to the 1.4527 level, its May 24'10 high is now shaping up. On a break and hold above this key resistance level, GBP should head further higher towards the 1.4638 level, its May 14'10 high at first followed by the 1.4915 level, its May 13'10 low and then its May 10'10 at 1.5052. The latter level is expected to provide a strong resistance and turn the pair lower again. While its May 25 low at 1.4257 and its 2010 low at 1.4226 hold as supports, the above view remains valid. However, if those levels give in a resumption of its broader weakness will be triggered towards its March'2009 low at 1.4112 and then its big psycho level at 1.4000. Overall, although the pair remains broadly biased to the downside medium term, threat remains for a corrective recovery higher aiming at the 1.4527 level and beyond.