In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair’s medium term target remains at 1.3502. Key Quotes “GBP/USD we are viewing last weeks high of 1.4665 as the end of the correction higher”. “The market will have to break back below the 20 day ma at 1.4364 however to alleviate upside pressure and retarget 1.4151 (favoured)”. “Last weeks low at 1.4151 guards the January low at 1.4083. Below it lies the minor psychological 1.4000 region. The 1.3502 January 2009 low remains our primary target medium term”. For more information, read our latest forex news.