GBPUSD: The pair turned off ahead of its key support at the 1.5127 level following a reversal of its intra day losses to close higher on Thursday. With that achieved, we now expect a build up on those gains to push GBPUSD higher towards its April 15’10 high at 1.5521. This view is based on the ability of the pair to hold above the 1.5317 level, its April 05’10, its April 19’10 low at 1.5190 and its April 06’10 low at 1.5127. Our recapture of the 1.5521 level views remains valid while the aforementioned supports hold. Above the 1.5521 level will resume its corrective recovery and open the door for more gains towards the 1.5574 level, its Feb 23’10 high followed by the 1.5814 level, its Feb 17’10 high. Conversely, immediate support rests at the 1.5317 level with a break extending further weakness towards its April 19’10 low at 1.5190 and next its April 06’10 low at 1.5127. A breather should occur here and then turn the pair back up again but if that fails, lower level prices will shape up towards its Mar 25’10 low at 1.4796 and its 2010 low at 1.4782 level. That zone preserves the pair’s present consolidation to corrective price action. Therefore, its break will resume the pair’s broader medium term declines towards the 1.4511 level, its April 26’10 low and then its April’09 low at 1.4396. All in all, the pair looks to head further higher having halted its recent weakness from the 1.5521 level at 1.5190.
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