GBPUSD :Even though GBP weakened for a third in a row Wednesday, it held above its Tuesday low at 1.4581 and its key support at the 1.4662 level, its Feb 23'09 high suggesting that we may soon see a recovery of its declines triggered at the 1.4959 level, its April 06'09 high. Another support for this view is the pair's rising channel which provides an upside bias while price action remains within it. Resistance now runs from the 1.3655 level, its Mar 11'09 low to its April 06'09/Feb 09'09 highs at 1.4986/65 with a break and hold above there triggering the resumption of its recovery initiated at the 1.3504 towards the 1.5374 level, its Jan 08'09 high. However, if a return below the 1.4662 and the 1.4581 levels occurs, that will put our upside view temporarily on hold and yield pressure towards the 1.4305 level, its Mar 06'09 low and next the 1.4110 level, its Mar 30'09 low ahead of the 1.3845 level, its Mar 18'09 low. The daily stochastics remains supportive of this scenario. All in all, we retain our upside bias while the pair continues to maintain within its rising channel.

Support Comments
1.4662 Feb 23'09 high
1.4305 Mar 06'09 high
1.4110 Mar 30'09 low

Resistance Comments
1.4986/59 April 06'09/Feb 09'09 highs
1.5373 Jan 08'09 high
1.5722 Dec 17'08 high

Daily Chart: GBPUSD