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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 despite yesterday's strong rally, GBPUSD continues to face tough overhead resistance at 1.6125/30, the 61.8% retracement, where the market has failed several times over the past week. She is continuing to look for failure here and should see a slide back to 1.5980 and then 1.5830/1.5770. She notes that this band of support contains the recent low, the June high at the 55 and 200 week moving averages. She writes, "Resistance at 1.6125/30 guards 1.6185 the mid Oct highs, we continue to look for this to cap the market." Jones is currently short at 1.6125 with a sto at 1.6135 and a target at 1.5900.
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