12/05/05 16:31:22.83 ysJXoznF0
GBP/USD: The recent break back above 1.6000 now opens the door for
fresh upside towards the October 2011 peak at 1.6150. However, any
additional gains beyond 1.6150 should prove hard to come by, and we
once again see risks for a bearish reversal in favor of renewed
weakness back down towards key support by 1.5800. A break and close
below 1.5800 will then accelerate declines. Ultimately, only a weekly
close above 1.6150 would negate underlying bearish bias.