GBPUSD:  Breaks The 1.4473 level, Eyes The 1.4112 Level.

GBPUSD: The pair continues to weaken cutting through its 2010 low at 1.4473 and  its April’09 low at 1.4396 in during the Asian session today. With this achieved, GBP is now targeting its Mar’2009 low at 1.4112 with a break of there aiming at its big psycho level at 1.4000. We expect a breather at this level to turn the pair higher again. Both its weekly and daily studies are bearish and pointing lower suggesting further weakness. To reduce its current downside weakness, a return above the 1.4473 level followed with a break above the 1.5052 level, its May 10’10 high must occur to pave the way for more strength towards the 1.5127/25 levels.  A reversal of roles is likely there thereby turning the pair back down again. However, if a loss of there occurs the 1.5389 level and then its April 15’10 high at 1.5521 will be targeted. Overall, with the bear pressure remaining intact, further downside threats are likely towards the 1.4112 and the 1.4000 levels.