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GBPUSD: Bullish Offensive Set For The 1.6546 Level

GBPUSD: Having followed through higher on the back of its past week gains, further bull pressure is now eyeing its major resistance at the 1.6546 level, its May 31’2011 high.A cut through that level will open the door for more upside gains towards  the 1.6743 level, its 2011 high. Alternatively, the risk to this analysis will be a return below the 1.6193 level and the 1.6262 level, its Jun 22’2011 high. However, the bigger challenge will be a break and hold below the 1.5778 level, its July 12’2011 low. 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.