May 2, 2013
Forex Flash: GBP/USD failure at 1.5600/03 favored - Commerzbank
FXstreet.com (Barcelona) - The GBP/USD has rallied to the top of its short term channel, the approximate location of the 50% retracement at 1.5600/03, and is holding there: “We favor failure here. However the intraday charts are giving conflicting signals and above 1.5603 we would allow for one more push higher to 1.5761/82 (200 day ma and 61.8% retracement, where we would expect to see failure)”, wrote analyst Karen Jones, pointing to the loss of the 1.5412 mid April peak as needed to alleviate immediate upside pressure and signal a slide back to the 1.5274 uptrend. “Failure here is needed to confirm the idea that the market has resumed its down move”, she added, suggesting losses to 1.5028 (the 20th March low) in a break below.