Forex Flash: GBP/USD could face further downside – Commerzbank

The sterling is gathering pace at the end of the trading session on Monday, after a bout of buying interest is now pushing the cross beyond the key resistance of 1.5100
The pound is posed to suffer in the upcoming sessions, as we get closer to the BoE MPC gathering, due on Thursday.

Karen Jones, Head of FICC Technical Analysis at Commerzbank, suggests, “We note the 13 count on the daily chart together with the 1.4950 TD support, both suggest that a near term rebound is likely to be seen ahead of further losses”. The expert adds that below the accelerated downtrend at 1.5534 the decline would be favored.