Forex Flash: GBP/USD confirms end of correction higher below 20-day MA, at 15096 - Commerzbank

FXstreet.com (Barcelona) - Last week, the market failed at the 1.5269 June 2012 low, but so far is holding over its 20 day moving average, which is located at 1.5096, and needs to break below here to alleviate immediate upside strength. “It is likely that the up move has terminated here, we note that last weeks high is indicated to be the end of the correction higher seen in March but we await a break below the 20 day ma as added confirmation”, wrote analyst Karen Jones, looking for losses towards the psychological 1.5000 region then the 1.4832 March low.” Longer term we look for losses to 1.4229, the 2010 low. Minor support can be seen around the 1.5176 March 15 high. Above 1.5270/75 would imply a deeper retracement to 1.5419 then 1.5600”, she added.