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Forex pairs in this Article » GBP/USD (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank has taken a look at GBPUSD from a purely technical perspective.

Jones notes that Cable has held the initial test of 1.6125, the 61.8% retracement, however immediate upside pressure is maintained while above the near term up trend at 1.6050. She believes that while above here, scope remains for an extension to 1.6175/78, the October and November highs which are guarding resistance at 1.6305/15 which is regarded as key.

Jones believes that a break below 1.6050 is the minimum required to alleviate topside support for a slide back to 1.5968 and then 1.5830/1.5770. She feels that this band of support contains the recent low, the June High and the 55 and 200 MA's are also found in this region. Jones is currently flat on Cable, and looking to attempt shorts around 1.6125, 1.6150 with a stop at 1.6185.
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