Flash: GBP/USD resistance at 1.6255/59 eroded - Commerzbank

FXstreet.com (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that GBP/USD has maintained upside pressure and has reached the 1.6370 December 2012 high. A close above here today would be key as this would introduce scope to the 1.6684/1.6714.

Key Quotes

“It will need to close above here on a weekly basis to persuade us that this resistance has been overcome. Dips lower will find initial support at 1.6259/55 the highs from October and then the 55day ma at 1.6090.”

“However we will need a close below the 1.6006 4 month support line in order to alleviate immediate upside pressure.”