Forex Flash: GBP/USD correction higher to terminate ahead of 1.6061 - Commerzbank

FXstreet.com (Barcelona) - Commerzbank analysts expect the GBPUSD correction higher to terminate ahead of 1.6061 (55 day moving average) and near term strength is viewed as corrective only: "We should see failure and a slide back to the 1.5830/1.5770 band of support", wrote analyst Karen Jones, pointing to failure at 1.5770 to another leg down to 1.5521 (2009-2012 support line), while key support remains 1.5856/1.5770 (200 day moving average at 1.5854 down to 1.5770, the June high, the 55 and 200 week moving averages).

"Above 1.6061 would neutralize our outlook as this would suggest another run up to the 1.6185 October highs, which are again expected to cap", Jones added.