GBPUSD: The pair remains biased to the upside while it holds above the 1.5380 level, its Mar 17'10 high and the 1.5317 level, its April 05'10 high. With its current bid tone, risk is now seen towards the 1.5484 level, its April 12'10 high with a violation of thereallowing for further strength towards the 1.5574 level, its Feb 23'10 high and next the 1.5814 level, its Feb 17'10 high. On the contrary, GBP will have to decisively violate the 1.5380/13 level to reverse our upside view and turn focus to its April 06'10 low at 1.5127 and then its Mar 23'10 high at 1.5110. We may see a respite there thus turning the pair back up again but if that fails to occur, its 2010 low at 1.4782 level will be under attack ahead of the 1.4511 level, its April 26'10 low and next its April'09 low at 1.4396.In a nutshell, a trade above the 1.5484 level should propel the pair further towards the 1.5574 level.

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