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Forex pairs in this Article » GBP/USD (Barcelona) - Karen Jones, Head of technical Analysis at Commerzbank notes that GBP/USD continues to hold at the 61.8% retracement at 1.6122 of the move down from the 1.6255 peak.

Key Quotes

“This and the 1.6160 September peak is the maximum that we should see for a slide back to 1.5915/1.5895 to remain viable. We would ideally like to see the market sub 1.60 for attention to revert to the 1.5895 support.”

“We regard the pattern as a potential double top and a close below 1.5895 will complete the pattern to offer a minimum downside measurement to 1.5535. Given the close proximity of the 200 day ma at 1.5491 to this target zone this makes a good initial downside target.”

“Above 1.6125/60 would allow for a retest of the recent highs at 1.6255/60.”
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