FXstreet.com (Barcelona) - The Pound has been trading on a weak tone since Friday's high and downtrend accelerated on Tuesday to a one-week low at 1.6400, this current decline is corrective in nature, according to Karen Jones, technical analyst at Commerzbank, and the Pound will resume uptrend.
Jones advances that the Pound's decline will be hold at 1.6320/1.6250 band: The move lower is regarded as corrective
and we look for dips to be contained by the 1.6320/1.6250 band for an upside bias to be maintained. Key support is the recent low and support line at 1.6145/15.
On the upside, Jones affirms that Dollar downtrend has increased the odds for an upmove towards 1.6745: Given the recent weakness of the US dollar, the risk has increased for the upmove to then reassert towards 1.6745, 1.6845 and then 1.7040/50 (recent high and 2005 low).