GBPUSD - Cautiously Bullish while above 1.5561.

More PIA-first, 3 days ago07 December 2011 In line with yesterday's bearish call, investors sold GBPUSD at lower levels for a fourth consecutive day. However almost half of the downside was reversed into the close and this rally has led to more significant buying interest in Asia. While this price action does not provide strong signals for sentiment our call is Cautiously Bullish above 1.5561. The immediate objective is 1.5642 with a move beyond that point targeting 1.5665, yesterday's top, or even 1.5727, Friday’s peak.
Selling through 1.5561, yesterday's low, is the risk to this call as it signals that selling pressure is greater than currently assessed. The market should then decline to 1.5526, last Wednesday’s bottom, and towards 1.5469, the low from November 29.