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GBPUSD: Corrective Recovery Threat Looms

GBPUSD: The pair failed to follow through lower on the back of its Monday losses to close higher on Tuesday. This price action now sees the pair eyeing further a move higher. On the upside, looks to retarget the 1.5254 level where we may see a price halt. Further out, resistance resides at the 1.5300 with a break through turning focus to the 1.5350 level and then the 1.5400 level. Its daily RSI is bullish and pointing higher suggesting further strength. On the downside, support lies at the 1.5150 level where a break will turn attention to the 1.5100 level. Further down, support lies at the 1.5050 level and subsequently the 1.5000 level, its big psychological support. On the whole, GBP remains biased to the upside as corrective recovery threat looms.

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