FXstreet.com (Barcelona) - The Pound has been climbing slowly but steadily from Sept 28 low at 1.5770, and the pair has reached session high at 1.6085 so far, although, according to Karen Jones, technical analyst at Commerzbank, Pound's recovery is likely to be capped around 1.6110 area.

Pound's upside move is corrective in nature, and, in Jone's opinion, will be halted at 1.6110/50: We look for near term corrective rebounds to ideally remain capped by 1.6110/50 (break down point for the top pattern) and while capped here the immediate outlook remains negative.

In general terms, Jones considers that the Sterling continues biased to the downside, targeting 1.5690/10: We continue to target initially 1.5690/10 (Fibonacci retracement and the 55 week ma) and then 1.5270. Slightly longer term it should be noted that the top measures to 1.5135.