FXstreet.com (Barcelona)- The Pound has continued its recovery from 1.5895 low on Jan 7, extending to levels above 1.6200, and it could reach ass high as the 55 SMA, around 1.6355, according to Karen Jones, technical analyst at Commerzbank, before turning back to December lows.

According to Jones, the Pound's current uptrend might reach 1.6355 area before failing and give away all the ground taken during the last month: We would allow for the possibility of a deeper retracement towards 1.6355 (55 day ma) prior to failure (initial resistance lies at 1.6232/42). Our view is unchanged, we look for the rally to stall at the 55 day ma and come under pressure.

Om a wider perspective Jones sees the Pound targeting 1.5830 area: We target 1.5832(December low) en route to 1.5690/53 - the 38.2% retracement of the entire move in 2009 and the 55 week ma.

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