Pound's rejection from 1.5700 yesterday has triggered a 200 pips decline to 1.5500 session low, breaking below the uptrend channel support line, at 1.5610, at test support area at 1.5526/02, says Karen Jones, technical analyst at Commerzbank.
If the pair extends below 1.5502, Karen Jones points out to 1.5304/1.5274 area as next downside target: "A fall through the 200 day moving average at 1.5502 will confirm our view of a top having been formed with the 38.2%/50% Fibonacci cluster at 1.5304/1.5274 and then the 55 day moving average at 1.5201 being targeted."
Resistance levels lie at 1.5709 and then n¡between 1.5750 and 1.5820, says Jones: "Resistance above 1.5709 is found between 1.5750 and 1.5820, the August 5th low. We remain bearish whilst below 1.60."
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