Forex Flash: GBP/USD to fail at 1.5420 - Commerzbank

FXstreet.com (Barcelona) - After rallying to the 38.2% retracement of the move seen this year at 1.5420, where it is showing initial failure, Commerzbank analysts expect the momentum to stop there as it is indicated to have ended its 4th wave in a classic 'a-b-c' correction and it has just registered a 13 count on the 240 minute chart. Failure will follow. “Support lies at 1.5118 (short term uptrend) ahead of 1.5028 (the 20th March low). A break below here is needed to trigger another leg lower to the 1.4832 March low. Longer term we target 1.4229, the 2010 low”, wrote analyst Karen Jones.