GBPUSD: Hesitation has set in after GPB rallied strongly higher to as high as 1.5380 level on Wednesday but closed lower at 1.5211. We expect another attempt at the 1.5343/80 levels, its Feb 19'10 low/Mar 17'10 high while the 1.5216 level, its Mar 12'10 high or even the 1.5000 level holds as support. Beyond the 1.5343/80 levelSshould clear the way for further upside towards its bigger resistance standing at the 1.5574 level, its Feb 23'10 high. We expect that level to provide resistance on initial test and then turn the pair back down. To reverse this upside view, its intraday low at 1.4975 printed on Mar 16'10 must be taken out thereby pushing the pair further lower towards its Mar 10'10 high at 1.4871 and then its YTD low at 1.4782.
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