In opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair’s upside could find strong resistance around 1.4301. Key Quotes “GBP/USD is still approaching the 1.4301 four month downtrend”. “We suspect rallies will be capped here and maintain our downside target of 1.3502, the 2009 low”. “Below 1.3500 our primary target will be 1.2750, the 78.6% retracement. The January low at 1.4083 should act as nearby support”. “A close above the downtrend at 1.4316 would alleviate downside pressure and signal the start of a deeper recovery to potentially 1.4664, the February high”. For more information, read our latest forex news.