British pound advanced from Monday’s minimum versus the greenback at 1.5820 and tested the levels above the 2009-2011 downtrend at 1.6190 attempting to break higher.

Technical analysts at Commerzbank note that if sterling fails to overcome decisively the mentioned resistance line, its upside moves will be limited.

If the pair GBP/USD succeeds, it will advance facing resistance at 2010 maximum of 1.6300, double Fibonacci retracement at 1.6425 and the 2001-2007 downtrend at 1.6475. According to Commerzbank, resistance seems to be strong and pound may reverse down in the 1.65 region.



Chart. Weekly GBP/USD

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