Forex Flash: GBP/USD may extend upside to 1.5340 before longer term drop – Commerzbank

FXstreet.com (Barcelona) - Commerzbank analysts see the scope for 1.5199/1.5223 resistance area (late February and early March highs) if the GBP/USD stays above Wednesday’s 1.5028 low. “The 2013 resistance line at 1.5281 and further up the February 22 high at 1.5321 as well as the breached one year resistance line at 1.5340 may also be reached in the days to come but should then cap”, wrote analyst Karen Jones, expecting then a move back to the 1.5000 region in the weeks to come. “We believe that the longer term down move has further to run and view the current advance as a short term correction only. Longer term we look for losses to 1.4229, the 2010 low”, she added.