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Forex pairs in this Article » GBP/USD (Athens) – Karen Jones Head Technical Analyst of Commerzbank, GBP/USD is starting to falter just ahead of the 1.6259 current October high – this together with the 1.6302/69 2012 highs and 2009-13 resistance line should act in unison to offer some tough overhead resistance for the market.

Key Quotes

“We find it somewhat surprising that the market remains at this elevated level, but are cautiously bearish at this critical zone. Intraday charts are suggesting one final thrust to 1.6255/90 ahead
of failure.”

“Only a slide through last week’s 1.5896 low will alleviate current upside pressure. Failure there will target the 38.2% Fibonacci retracement of the July-to-October advance at 1.5707 and possibly 1.5536, the 50% retracement.”
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