FXStreet (Edinburgh) - According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the upside in spot could struggle around the 1.5306/21 area. Key Quotes “GBP/USD continues to recover near term and currently we remain unable to rule out an extension to the 1.5231 55 day ma and the 1.5306 3 month downtrend. This together with the 200 day ma at 1.5321 is expected to hold the topside”. “We have initial support at 1.5027 (6th November low) ahead of key support is the 1.4897/60 recent low and Fibo. Support at 1.4860 is regarded as the last defence for the 1.4577 April low”. For more information, read our latest forex news.