GBP/USD recovering off 1.6000 - Commerzbank

FXStreet (Łódź) - Karen Jones, analyst at Commerzbank points out that the GBP/USD downtrend reversed on Wednesday but the pair is unable to push through the 1.6185 resistance level.

Key quotes

"The risks have increased that this is an inverse head and shoulders pattern."

"A close above 1.6185 however is needed to confirm and introduce scope to the 1.6376/38.2% retracement."