GBPUSD: With the pair seen reversing its Tuesday marginal weakness on a strong rally, further upside is now expected. In such a case, the 1.5524 level serves as the immediate upside target with a breach aiming at the 1.5601 level and possibly the 1.5714 level. Its daily RSI has turned higher supporting this view. The alternative scenario will be for the pair to reverse its strength and return to the 1.5266 level. A breach will call for a run at the 1.5235 level as the next downside objective where a violation will call for a run at its July 18’2010 low located at the 1.5122 level and then the 1.4947 level, its July 11’2010 low. On the whole, the pair continues to hold on to its broader downside pressure though seen recovering.
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