  We consider hole pairing in the pseudopgap phase of High T_c cuprates, as
arising from resonant scattering on dynamically deformable molecular units. As
a result, localized and delocalized features coexist in the one-particle
spectra: the pseudogap and propagating diffusive Bogoliubov modes. Due to the
anisotropy of the electron dispersion and pairing interaction, these two
manifestations have different impact in the different regions of the Brillouin
zone. We illustrate that for k-vectors crossing the arc, determined by the
chemical potential, joining the anti-nodal and the nodal point.
