FXStreet (Edinburgh) - According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair could see a recovery towards the 1.5160 area. Key Quotes “GBP/USD has again seen a sharp sell off, but the intraday Elliott wave count is again suggesting that we will see recovery ahead of the 1.4860/78.6% retracement of the move up from April and that we are likely to see the 1.5162 resistance line challenged and even possibly overcome”. “Rallies have so far been thwarted by the 1.5162 resistance line. Currently we remain unable to rule out an extension to the 1.5230 55 day ma and the 1.5319 3 month downtrend”. For more information, read our latest forex news.