Forex Flash: GBP/USD with 7-month uptrend exposed at 1.5951 - Commerzbank (Barcelona) - Commerzbank analysts see the 1.5951 (7-month uptrend) exposed after the erosion of the 6 month uptrend drawn from the July 2012 low. Failure there could lead to the 1.5830 November low, the 55 and 200 week ma, at 1.5863/38.

“The market is viewed as having topped out last week – it reversed just ahead of the 1.6452 2009-2013 downtrend and together with the large divergence of both the daily and weekly RSI’s, suggests that the market has topped”, wrote analyst Karen Jones, expecting rallies to find interim resistance at 1.6135/80 that keeps the immediate downside bias.