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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 technical perspective.

Jones notes that GBPUSD has again tested and failed at 1.6125, the 61.8% retracement. She notes that this has continued to hold and the market has now eroded the near term up trend as well. She feels that this implies that the market has topped near term and we should see a slide back to 1.5968 before a continuation to 1.5830/5770. She believes that this band of support contains the recent low, the June high and the 55 and 200 weekly Mas are also found in this region. Jones is currently short at 1.6125 and has lowered her stop from 1.6185 to 1.6135 with a target at 1.5900.
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