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GBPUSD: Hesitating But Maintains Recovery Tone

GBPUSD: The pair’s failure to follow through higher on the back of recovery gains has triggered a fresh bear pressure.However, GBP still retains most of its recovery gains started from the 1.5778 level and looks to strengthen further towards the 1.6193 level, its July 13’2011 high on ending the mentioned bear pressure. Further out, resistance stands at the 1.6262 level, its Jun 22’2011 high. However, the ultimate test will be a return above the 1.6546 level, its May 31’2011 high. If this is seen it will turn upside risk towards the 1.6743 level, its 2011 high and subsequently the 1.6877 level, its Nov’2009 high. Alternatively, the risk to this analysis will be a break and hold below the 1.5778 level. In such a case,  the 1.5749 level, its Jan 25’2011 low will be targeted followed by the 1.5700 level, its psycho level and then the 1.5600 level.