The pair sold off strongly on Thursday suggesting further downside weakness is likely.This is coming on the back of a failure ahead of the 1.5770/79 levels. The focus has now shifted to the 1.5359 level, its Dec 2011 low with a loss of here setting the stage for a move further lower towards the 1.5270 level, its Oct 2011 low. Below here will extend further weakness towards its big psycho level at 1.5000. Its daily RSI is bearish and pointing lower supporting this view. Alternatively, a firm break and close above the 1.5770/79 levels will have to occur to reverse its current bear threats and then bring further upside offensive towards the 1.5885 level, its Nov 18'2011 high. A breach will aim at the 1.6161 level, its Oct 31'2011 high. On the whole, GBP's downside vulnerability remains as long as it continues to trade and hold below the 1.5770/79 Levels.