In opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair keeps targeting the 1.3502 area in the medium term. Key Quotes “GBP/USD’s rally last week halted just ahead of the 55 day ma at 1.4727”. “We note the Elliott wave count on the daily chart is indicating that this was the end of an ‘a-b-c’ correction”. “The market will have to move sub 1.4330 to alleviate upside pressure and retarget 1.4151. 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 but first we still expect a minor bounce to be seen”. For more information, read our latest forex news.