NEW YORK ( TheStreet) - GBP-USD. Although GBP remains vulnerable to the downside following its decline started from the 1.6296 level, further upside is likely to occur as long as it holds above the 1.5344 level, its Dec. 28, 2010 low.The pair's current price action suggests a bottom is forming. Resistance lies at the 1.5660 level, its Dec. 31, 2010 high, followed by the 1.5906 level, its Dec. 14, 2010 high. Beyond this level, the door will be open for more strength towards its Nov. 12, 2010 high at 1.6183. A move beyond that level would clear for a push to its Nov, 2010 high at 1.6298. On the other hand, if it resumes its weakness off the 1.6296 level, a decisive violation of the 1.5344 level is needed. This will initiate more declines towards the 1.5100 level and subsequently the 1.5000 level. All in all, although GBP is vulnerable to the downside, it continues to look for a temporary bottom while it holds above the 1.5324 level.