GBPUSD - Cautiously Bearish while prices are beneath 1.5493

More PIA-first, 6 hours ago15 December 2011 Our temporarily bullish call for Wednesday was proved correct as initial upside corrected half of Tuesday’s net decline. However these highs were not maintained and GBPUSD was sold to the most negative levels for 10-weeks. Although the day's lows, near 1.5400, were also not held, the rally was a limited one and selling has resumed in Asia. In view of this our call is Cautiously Bearish below 1.5493. The immediate objective is 1.5409 with a move beneath that point targeting 1.5382 and 1.5357.
The risk to this call is that selling pressure is weaker than currently assessed although a fresh outright Buy signal would only be generated by a move through 1.5493. Prices and sentiment should then improve to 1.5535, yesterday's top, or even towards Tuesday’s 1.5582 opening point.