GBPUSD: Though nearer term vulnerable to the downside, GPB's bounce of its intra day low at 1.4852 today could set the tone for more upside towards the 1.5110 level, its Mar 23'10 high. If bull pressure develops further, we could see more strength towards its Mar 19'10 high at 1.5253 followed by the 1.5343/80 levels, its Feb 19'10 low/Mar 17'10 high. A breather may be seen here, turning the pair back down but if that fails to occur, the 1.5574 level, its Feb 23'10 high will be targeted. Alternatively, on a trade below the 1.4852 level, resumption of its weakness off the 1.5380 level will be activated and its 2010 low at 1.4782 will then be targeted. The later level preserves its current corrective to consolidation phase. Note that the pair's back and filling price action we are seeing is one of the characteristics of a consolidation phase.

width=400