GBPUSD: With the pair sailing through its hammer/Feb01'10/2010 lows at 1.5849/30 to resume its weakness from the 1.6875 level and close lower at 1.5765 on Thursday, we envisage a likely break of the 1.5706 level, its Oct 13'09 low/range lows as GBP was seen following through lower in early trading today. That level is the trigger for the pair's breakout of its broader sideways range which has deeper bearish implications. However, if we see a back off on initial test of this level we will not be surprised due to its significance. Below there will expose its May 10'09 high at 1.5351 followed by its .50 Fibonacci retracement (1.3501-1.7041 rally) at 1.5273. Its daily and weekly RSI are bearish and pointing lower suggesting further downside weakness. The risk to our current downside view will be a break and hold above the 1.5849/30 levels and the 1.6068/75 levels. However, we expect these zones to reverse roles and provide resistance if seen. Further out, the 1.6274 level, its Jan 28'10 high come in as the next upside target 

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