Flash: GBP/USD has reached the 55 day ma - Commerzbank

FXstreet.com (London) - Karen Jones, analyst at Commerzbank, said that GBP/USD last week sold off aggressively from 1.5752 and they continue to view this as a minor top for the market. This move lower has reached the 55 day ma at 1.5378, and she said failure here is needed to signal a slide to the support line at 1.5066.

The base of the daily cloud at 1.5218 may offer support en route. She said that rallies should now find resistance at 1.5525/60 ahead of Thursday’s 1.5736 high and the 1.5782 61.8% retracement of this years move, 1.5788 the 200 week moving average is also located here and in all represent a tough band of resistance.