Apr 5, 2013
Forex Flash: GBP/USD with tough resistance at 1.5269 – Commerzbank
FXstreet.com (Barcelona) - The GBP/USD has held the initial test of the 1.5028 20th March low after trading through the 20 day moving average. “We have yet to see a close below the 20 day ma at 1.5122 and yesterday’s outside day to the topside suggests that the market is reluctant to break down yet”, wrote analyst Karen Jones, adding that while capped by the 1.5269 June 2012 low, they will maintain an immediate bearish bias. “Once the close below the 20 day ma has been seen this should be enough to trigger another leg lower to the psychological 1.5000 region then the 1.4832 March low”, continued the Commerzbank analyst, pointing to longer term target at 1.4229 (2010 low) while 1.5269 is tough resistance (June 2012 low).