The pair continues to strengthen following through higher on Wednesday and opening the door for further upside momentum. With the 1.5666 level, its Jan 03'2012 high now violated, the threat is for a full recapture of the 1.5691 level, its .50 Fib Ret. That level was being tested as at the time of this analysis. Above there will call for a run at 1.5770 level, its Dec 21'2011 high where we may see a price hesitation. However, if that level breaks, expect GBP to strengthen further towards the 1.5885 level, its Nov 18'2011 high. Its daily RSI is bullish and pointing higher suggesting further strength. On the downside, support lies at the 1.5666 level followed by the 1.5497 level, its Jan 10'2012 high. Further down, support stands at the 1.5270 level, its Oct 2011 low and the 1.5235 level, its Jan 2012 low. On the whole, GBP continues to correct higher suggesting further price extension towards the 1.5770 level.
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