By Mohammed Isah of

GBP-USD: After weakening for a second straight week, the pound could decline toward its 2010 low at 1.4782.

If the pair falls through the 1.4782 level, it will end its current consolidation to correction bias. It would then target 1.4511, the April 26, 2009 low, followed by its April 2009 low at 1.4396.

The weekly relative strength index is bearish and pointing lower, supporting this view.

That said, the pair's price action pointed to some form of temporary bottoming process on Friday, although we would like to see a follow-through higher to confirm this.

If a follow-through higher does occur, the pair will target its March 23 high at 1.5110 ahead of its Feb. 19 low at 1.5343 and March 17 high at 1.5380. A turn above the latter two levels would resume the pair's corrective recovery toward 1.5574, its Feb. 23 high.

We expect a cap at this level to turn the pair back down.

Overall, risk remains toward 1.4782, although Friday's price action could mean some sort of bottoming is taking place.

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Mohammed Isah is a technical strategist and head of research at, a technical-research Web site. He has been trading and analyzing the foreign exchange market for the past seven years. He formerly traded stocks before crossing over to the forex market, where he worked for FXInstructor LLC as a technical analyst and head of research before joining He has written extensively on the forex market and technical analysis and his articles have been featured in The Technical Analyst Magazine, The Forex Journal Magazine, The International Business Times and At, he writes daily, weekly and long-term technical commentaries on currencies and commodities, which are offered to its clients. He also produces The Professional Suite for his subscribers. He provides full coverage of the forex market with specific focus on G10 currencies as well as the commodities markets, with focus on five key commodities.