Forex Flash: GBP/USD may consolidate today before closing below support - Commerzbank
Forex pairs in this Article » GBP/USD
FXstreet.com (Barcelona) - As the GBPUSD erodes the 7-month uptrend, Commerzbank analysts warn that the market hasn't seen a close below here and with yesterdays price action a 'doji', there may be some consolidation today. However, a close below here will confirm the break and target initially the 1.5873/30 zone (55 and 200 week ma and the November low) - failure here will be regarded as key. "Below 1.5830 targets the 2009-2013 support line at 1.5602", wrote analyst Karen Jones. "Rallies are expected find initial resistance at 1.6047/61 and to struggle 1.6170/85 and while capped here the risk will remain on the downside", Jones added, pointing to major resistance at the 2009-2013 downtrend at 1.6450.