FXstreet.com (Barcelona) - The Pound broke yesterday its upward trend, and fell from 1.6125 all the way to 1.5925 low on Thursday's Asian session, and, according to Karen Jones, technical analyst at Commerzbank the Pound continues biased downwards, in general terms, targeting 1.5690/10 area.
near term corrective rebounds will be capped at 1.6110/57 area, says Jones: GBP/USD near term corrective rebounds have failed at key nearby resistance at 1.6110/57 (break down point for the top pattern) - this represents a return to point of break down and is extremely negative price action.
On a longer term perspective, Jones sees the Pound targeting 1.5690/10 area and 1.5270: We look for failure and
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.