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GBP/USD upside likely to struggle near 1.5263 – Commerzbank

FXStreet (Edinburgh) - In the view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the upside momentum in spot could find strong resistance around 1.5263.

Key Quotes

GBP/USD has held relatively steady but not overcome any resistance of note”.

“The near term corrective rebound has been rejected by cloud resistance at 1.5263 (this is on the 240 minute chart)”.

“We look for the correction higher to terminate around here and the market resume its down move. Resistance above here intensifies and is likely to provoke failure, the 200 day ma lies at 1.5343 and is expected to cap”.

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