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Forex pairs in this Article » GBP/USD (Athens) – Karen Jones Head Technical Analyst of Commerzbank, mentions that the GBP/USD has eroded the 3 month uptrend yesterday, ideally we would like to see some further weakness today but the market remains vulnerable on the downside.

Key Quotes

“Intraday charts are suggesting that we should see the market struggle now 1.6090/1.6140. Rallies are expected to find the 1.6259 early October high and the 1.6302/69 2012 highs and 2009-13 resistance line tough overhead resistance.”

“We look for losses to the recent low and initial Fibo support at 1.5896/1.5915. Failure there will target the 38.2% Fibonacci retracement of the July-to-October advance at 1.5705 and possibly 1.5535, the 50%retracement.”
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