GBPUSD: While a two-day gain may have halted the pair weakness, it still closed lower in the past week suggesting its vulnerability.Unless a return above the 1.6546 level, its 2011 high occurs, we may see GBP turning lower below the 1.6056 level, its May 24’2011 low. With that said, if the former argument (upside move) prevails, further strength should build up towards the 1.6743 level, its 2011 high and then the 1.6877 level, its Nov’2009 high. A loss of the latter level will pave the way for more price extension towards its bigger resistance standing at the 1.7039 level, its 2009 high. Its weekly RSI is bullish and pointing higher suggesting further strength. Alternatively, in the absence of the above scenario, risk of a decline back towards the 1.6056 level, its May 24’2011 low cannot be ruled out with a break setting the stage for more weakness towards the 1.5935 level, its Mar 28’2011 low.