GBPUSD: With the pair failing its earlier recovery attempts during Wednesday trading session, the risk is for GBP to resume its weakness started from the 1.5924 level. In such a case, the 1.5642 level, its Feb 14’2012 low will be targeted with a violation of there pushing the pair further lower towards the 1.5497 level, its Jan 10’2012 high. Its daily RSI is bearish and pointing lower supporting this view. Alternatively, a break and hold above the 1.5924 level will have to occur for GBP to reverse its current weakness. This will pave the way for a run at the 1.6074 level, its Nov’2011 high and possibly higher towards its Oct 31’2011 high at 1.6161. On the whole, GBP continues to retain its downside bear pressure with eyes on the 1.5645 level and beyond.
