With the pair following through lower on the back of its Monday losses in early trading today, further bearishness is expected in the days ahead. This will leave the 1.5326 level as the next downside objective with a violation of there allowing for further weakness towards the 1.5296 level, its Sept'2010 low and then the 1.5122 level, its July 18'2010 low. Its daily RSI is bearish and pointing lower supporting this view. On the upside, a convincing violation of the 1.5713/79 levels is required to put its present weakness on hold and bring further recovery gains towards the 1.5947 level, its July 12'2011 low and possibly higher. All in all, GBP now faces the risk of returning to the 1.5326 level and beyond.