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Forex pairs in this Article » GBP/USD (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that GBP/USD is attempting to recover from the 1.6342 6 month uptrend.

Key Quotes

“We believe that ultimately the trend line will break as the market recently charted a key day reversal.”

“This coupled with the triple divergence of the daily and weekly RSI and the 13 count on the TD combo both suggest that this is a significant failure and is likely to have topped short term.

Intraday rallies should remain thwarted by 1.6465/84. A close below support at 1.6259/1.6342 (support line and October high) is needed to alleviate immediate upside pressure and re-target the 1.5855 November low.”
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