Having reversed its intra day losses to close higher on Wednesday, further gains should build up. In such a case the 1.6000 level will be targeted. Price hesitation may occur here and turn the pair back lower but if it breaks, expect further upside to shape up towards the 1.6112 level. Its daily RSI is bullish and pointing higher supporting this view. The alternative scenario will be for GBP to reverse its upside gains and return to the 1.5753 level. Below here could push it further lower towards the 1.5635 level. Further down, support comes in at the 1.5457/89 levels where a breach will open the door for further declines towards the 1.5391 level. On the whole, GBP looks to extend further upside gains.

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