Forex Flash: GBP/USD may consolidate ahead of further weakness to 1.5000 – Commerzbank

The GBP/USD suggest a move to 1.5375 and possibly 1.5525 correction ahead of further weakness: “We suspect we will see the market consolidate some of these losses ahead of further weakness”, wrote analyst Karen Jones, pointing to extremely negative price action resulting in the agressive slice through the 1.5271/35 target (2012 low and the 50% retracement of the move since 2009 located here) last week. “Beyond a rebound we look for losses to 1.5000 and then 1.4853, the 61.8% retracement of the 2009 move”, she added.