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GBPUSD: Consolidating With Upside Bias

GBPUSD: We continue to retain our  bullish outlook in GBP on further correction despite its present consolidative price activities.We look for its corrective recovery to be triggered on ending its price hesitation. While the 1.6222/1.6189 levels hold as resistance, our bullish call remains intact with the possibility of retargeting the 1.6546 level, its May 31’2011 high. A cut through here will open the door for more upside gains towards  the 1.6743 level, its 2011 high. On the downside, support comes in at the 1.6222 level traded on Aug 02’2011 with a violation of that level eyeing the 1.6189 level where a cap is likely to occur. However, the main 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 ahead of the 1.5700 level, its psycho level.