The Pound has shrugged off weakness seen at the week opening, and, after bottoming at 1.4685, the pair has bounced up, to reach 1.5000 high on Wednesday's Asian session , which according to Karen Jones, technical analyst at Commerzbank, has changed bias to neutral-positive.
The Pound has broken above resistances at 55 day ma and 6 month downtrend, which, according to Jones, has shifted the pair's bias: "GBP/USD has eroded the 55 day ma and 6 month downtrend. This has shifted our bias to neutral to positive while above the 20 day ma at 1.4674."
On the upside, Jones observes key resistance areas at 1.5240/50 and 1.5445: "We will have to allow for a move to the double Fibonacci retracement at 1.5240/50, there is scope for the top of the 7-month channel (see weekly chart on next slide) at 1.5445. If tested, we would expect the market to fail here."
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