FXStreet (Edinburgh) - In the opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair’s upside appears capped at 1.5322. Key Quotes “GBP/USD has sold off aggressively but has not managed to take out initial support at 1.5027 (6th November low). This guards key support at the 1.4897/60 recent low and Fibo. Support at 1.4860 is regarded as the last defence for the 1.4577 April low”. “Currently intraday Elliott counts are contradictory, but continue to suggest that the market will remain capped by its 200 day ma at 1.5322. The 20 day ma offers initial resistance at 1.5109”. For more information, read our latest forex news.