Forex Flash: GBP/USD breaking down toward 1.5272/61 – Commerzbank

FXstreet.com (Barcelona) - The drop back to its 23.6% retracement at 1.5272 and the March high at 1.5261 represent the next break down point, according to Commerzbank analysts, that observed that the market last week rallied to and failed at the 38.2% retracement of the move seen this year at 1.5420 (38.2% retracement), ending its 4th wave in a classic 'a-b-c' correction. “Below 1.5261, support lies at 1.5130 (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.