Forex Flash: GBP/USD strong rebound delays negative outlook – Commerzbank

FXstreet.com (Barcelona) - Commerzbank analysts realized there may be unfinished business on the topside after the extremely strong rebound following the GDP figures yesterday. “This has been enough to stop out our shorts and delay our negative outlook”, they said. “It also allows for the possibility of a deeper retracement to the top of the short term up channel at 1.5555 and the 50% retracement mat 1.5600.We would again look for failure here. Loss of the 1.5226 uptrend is needed to add weight to the idea that the market has resumed its down move”, wrote analyst Karen Jones, pointing then to 1.5028 (the 20th March low) below.