Forex Flash: GBP/USD should fail at 1.6178 - Commerzbank

FXstreet.com (Barcelona) - Although Commerzbank analysts see the GBPUSD pushing higher, looking for the resistances of the 20-day MA (1.6129) and the near term line at 1.6178, they expect failure around there and to break below the 1.6026 to alleviate immediate upside pressure: "This would re-target the 1.5912/00 zone which is the 50% retracement of the move up from July and also the 23rd August high", wrote analyst Karen Jones, expecting an eventual drop towards 1.5235 over the medium term. Over the shorter term, the GBPUSD should stall ahead of 1.6302 (April peak).