GBPUSD: The pair wiped out about %75 of its declines from the 1.5380 level (Mar 17'10 high) to the 1.47832 level to close the week higher at 1.5204 on Friday, This has left GBP eyeing further strength towards the 1.5380 level, its Mar 17'10 high with a breach of there resuming its recovery (from 1.4782) towards the 1.5574 level, its Feb 23'10 high and possibly higher aiming at the 1.5814 level, its Feb 17'10 high. Its weekly RSI has turned higher from oversold zone supporting this view. Alternatively, further weakness if seen on the back of its Friday losses will set the stage for a run at its Mar 23'10 high at 1.5110 where a reversal of roles should occur and turn the pair higher again. However, if below there is traded, its 2010 low at 1.4782 level will be aimed at with a loss of that level invalidating its current consolidation to corrective bias and turning focus to the 1.4511 level, its April 26'10 low followed by its April'09 low at 1.4396.
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