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GBP/USD recovering off 1.6000 - Commerzbank

FXStreet (Łódź) - Karen Jones, analyst at Commerzbank notes that there could be an inverted inverse head and shoulders pattern forming on the GBP/USD chart.

Key quotes

"BUT patterns do not out weigh trend lines."

"Immediate resistance is offered by the downtrend at 1.6153 today and the 23.6% retracement at 1.6184."

"While capped here, a negative bias remains and only above here does this base become viable."

"We continue to target the 1.5855 November 2013 low. Beyond this we look for losses to 1.5721 the 61.8% retracement of the move from 2013."

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