GBPUSD:With an almost a flat trading day seen on Wednesday and marginal strength coming into early trading today, GBP may be preparing to trigger a corrective recovery of its declines started at the 1.6875 level. However, until this scenario plays out, our focus remains to the downside towards its bigger support standing at the 1.5706 level, its Oct 13’09 low. A firm break and hold below that level will set the stage for further declines towards its psycho level at 1.5500 level with a clearance of there bringing additional downside losses towards its .50 Ret (1.3501-1.7041 rally) at 1.5273. On the upside, if a recovery higher is seen, the 1.6000 level will initially be targeted ahead of 1.6150 level, its Dec 18’09 low and then the 1.6165 level, marking its Dec 09’09 low. Reversal of roles is expected at the latter level thereby turning the pair lower again. However, if above there is traded, its Nov 25’09 high at 1.6744 and the

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