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Forex pairs in this Article » GBP/USD (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that GBP/USD has seen an aggressive rebound from the 1.6259/55 vicinity.

Key Quotes

“But the overnight spike to 1.6483 suggests exhaustion at this point. We cannot rule out attempts towards 1.6565 and even the 1.6634 200 month ma.”

“However this is not our favoured scenario.A close below support at 1.6259/56 isneeded to cast attention back to the 5 month uptrend at 1.6168.”

“A close below here is needed to alleviate immediate upside pressure and re-target the 1.5855 November low, but our feeling is that that this should hold the initial test.”
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