Having failed to sustain its intra day rally on Wednesday, GBP gave back almost all of that gain to close marginally higher and print a shooting start candle pattern. This development leaves the risk of a reversal lower possibly towards the 1.5496 level, its Dec 20'2011 low. Below here if seen will call for a run at the 1.5410 level with a breach turning focus to the 1.5270 level, its Oct 06'2011 low. Further down, support lies at its psycho level at 1.5000. Alternatively, the pair will have to break and hold above the 1.5779 level to prevent a resumption of its medium term weakness. This will trigger further upside towards the 1.5885 level, its Nov 18'2011 high and then the 1.6161 level, its Oct 31'2011 high. On the whole, GBP continues to face corrective recovery risk but vulnerable.

/