GBP/USD: The British pound closed higher Thursday on the back of its hammer formation and now looks to build on that strength with eyes on its March 8 high at 1.5195. For a chart of GBP/USD click here. A decisive close above there will resume its corrective recovery initiated from its 2010 low at 1.4782 towards its Feb. 19 low at 1.5343 where we expect the bears to come in and push the pair back down again in line with its broader weakness. Conversely, supports are located at the 1.4871 level, its March 10 low and its 2010 low at 1.4782. Below the latter will put our upside view on hold and then trigger the resumption of its medium-term downtrend now on hold towards the 1.4511 level, its April 26 low, with a loss there targeting the 1.4396 level, its April 19 high. On the whole, though medium-term biased to the downside, corrective to consolidation of its declines from the 1.7041-1.4782 levels continues to shape up.