We have an accelerated downtrend at 1.5748 and only above here will alleviate immediate downside pressure for recovery towards the 200 day ma at 1.5868. The tiny rebound we are seeing today is expec

The sterling is hovering over the 1.5500/15 region on Friday, recovering ground lost to the greenback after bottoming in the proximity of 1.5460. Miserable results from the UK retail sales during January have helped in the downside, intensifying the pessimism around GBP.

Karen Jones, Head of FICC Technical Analysis at Commerzbank, suggested, “We have an accelerated downtrend at 1.5748 and only above here will alleviate immediate downside pressure for recovery towards the 200 day ma at 1.5868. The tiny rebound we are seeing today is expected to terminate circa 1.5555”.