GBPUSD: The pair may have backed off lower prices and attempting to initiate a recovery but continues to hold on its medium term weakness. This leaves the bigger risk towards the 1.5270 level, its Oct 2011 low where a break will extend further declines towards its .618 Fib Ret at 1.5187 (1.4229-1.6736 rally) and possibly lower towards its big psycho level at 1.5000. Its daily RSI is bearish and pointing lower supporting this view. Alternatively, GBP will have to return above the 1.5770/79 levels to reverse its current bear threats. This if seen will bring further upside offensive towards the 1.5885 level, its Nov 18’2011 high and then the 1.6161 level, its Oct 31’2011 high. On the whole, GBP’s downside vulnerability remains intact despite its current attempt at recovering.