Feb 18, 2013
Forex Flash: GBP/USD may rebound to 1.5575 today - Commerzbank
Commerzbank analysts are targeting 1.5271/35 (2012 low) this week, after having sold off and broken below the 1.5642 2009-2013 uptrend. "This is also the 50% retracement of the move since 2009 located here. This will be a key magnet for price and we would expect it to hold the initial test", wrote analyst Karen Jones, pointing out that only above 1.5728 would the pair alleviate immediate downside pressure for recovery towards the 200 day ma at 1.5865. "For today we would allow for a tiny rebound, and look for this to terminate circa 1.5575", Jones added.