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Forex Flash: GBP/USD might bounce to 1.5768 ahead of further losses - Commerzbank

The 2009-2013 uptrend, at 1.5642, has been eroded, but the market is yet to close below here and “we suspect the market will rally towards its 20 day ma at 1.5768 ahead of further losses”, wrote analyst Karen Jones, adding that the break lower has introduced scope to 1.5271/35 (2012 low and 50% retracement of the move since 2009 located here), a key magnet for price. “An interim target is 1.5505, the 78.6% retracement of the move up from June 2012”, she added, pointing to resistance to rallies at 1.5830/79 (November 2012 low, 200 day ma, 38.2% retracement and the February high). “While capped here it will remain directly offered”.

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