FXstreet.com (Barcelona) - Pound's reversal from 1.6230 resistance area has extended to levels below 1.6000, and according to Karen Jones, technical analyst at Commerzbank, Pound is likely to continue downtrend towards 1.5915 and lower.

Once 1.6030/1.5985 is broken, The Pound is under pressure towards 1.5917/15 firs and then 1.5690/53, says Jones: The market has eroded nearby support at 1.6030/1.5985 and should now come under pressure to 1.5917/15 enroute to 1.5690/53 - the 38.2% retracement of the entire move in 2009 and the 55 week ma.

On the upside, Karen Jones foresees potential bullish reactions to remain capped at 1.6383/1.6412area : GBP/USD continues to ease back from interim resistance at 1.6230. It is under pressure and we look for the market to now remain capped by 1.6383/1.6412 (55 day ma, Fibonacci resistance and 16th December peak).