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Forex Flash: GBP/USD to fail 1.5600/25 or at 1.5759/82 at best – Commerzbank

FXstreet.com (Barcelona) - As the GBP/USD remains below the 1.5600/25 resistance area, Commerzbank analysts still favor failure here: “The intraday charts are giving conflicting signals, though, and above 1.5625 we would allow for one more push higher to 1.5759/82 (200 day ma and 61.8% retracement) where we would expect to see failure”, he wrote, adding that the loss of the 1.5412 mid-April peak is needed to alleviate immediate upside pressure and signal a slide back to the 1.5298 uptrend line. “Failure here is needed to confirm the idea that the market has resumed its down move”, he continued, pointing to more losses towards 1.5028 (the 20th March low).

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