Comments and forex-analytics from FBS Brokerage Company - page 22
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Commerzbank: technical levels for GBP/USD
Technical analysts at Commerzbank note that it seem that the British pound is unable to overcome resistance in the 1.6425/65 area trading versus the greenback. The mentioned zone represents the double Fibonacci retracement and the 2010 maximum.
The specialists think that sterling is now poised for a decline to 1.6180 and even lower mowing down towards 1.5963/1.5880.
According to the bank, the bearish pressure will ease if pound breaks above 1.6465. In such case the pair GBP/USD will get chance to rise to November 2009 maximum at 1.6880 and then to 1.7040/50.