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Forex Flash: GBP has eroded the 1.5369 channel support - Commerzbank

FXstreet.com (London) - With the dollar slowing up in its recent advancement when a shift in market sentiment in favourism of the greenback had seen it to fresh weekly highs across the board, Sterling has still been tested lower ahead of BoE Inflation Report which traders are now waiting for as next impetus to position themselves for. Karen jones, Analyst at Commerzbank notes that the GBP/USD has eroded the 1.5369 channel support. She explains that the market has closed below here and that Commerzbank looks for the resumption of the bear trend. She said that the market should see losses initially to 1.5198, the end of April low then 1.5035/28 4th April low and the 20th March low. She sees lower levels of support at 1.4994 as being regarded as the last defence for 1.4832, the March low.

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