Flash: GBP/USD has eroded the 1.6259 October high - Commerzbank

FXstreet.com (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that GBP/USD has started to erode support at 1.6259/56 but we have not seen a close below here and suspect this is needed to cast attention back to the 5 month uptrend at 1.6156.

Key Quotes

“A close below here will re-target the 1.5855 November low, but our feeling is that that this should hold the initial test.”

“Near term rallies should ideally be contained by the 1.6343 zone. Above here will re-target the 1.6465 recent high.”