12 Jul 2013
GBP/USD drifting lower
FXstreet.com (London) - GBP/USD has been capped at 1.5220 in NY and has since drifted in suit to lower regions as the dollar begins to dig in it’s heals.
GBP/USD is going to be subject in the main to US data flows today and the BoE minutes on the 17th July while the market will try and understand Carneys intentions through the forward guidance that has been mentioned. Today is quiet on the calendar, although we will see UK CB Leading Economic Index in coming up and US Michigan Consumer Sentiment in the afternoon. The pound is up around 300 pips since it opened at the start of the week, and slightly offered as we approach the London open.
GBP/USD attention reverts to downside
The market has seen a strong reversal from support at 1.4854/32, the 61.8% retracement of the 2009 move higher and the March low, said Karen Jones, Chief Analyst at Commerzbnk. “The Elliot wave count is implying that this is corrective only and suggests the rally will fail circa 1.5220 ahead of the more important 1.5305 level (50% retracement). Provided it does so, attention should revert to the 1.4854/32 support.” Danske Banks Technical update suggests near term support as 1.5101, 1.5055,1.5035,1.5018 and Resistances 1.5222, 1.5260, 1.5283 and 1.5305. RSI 9 50.16.
GBP/USD is going to be subject in the main to US data flows today and the BoE minutes on the 17th July while the market will try and understand Carneys intentions through the forward guidance that has been mentioned. Today is quiet on the calendar, although we will see UK CB Leading Economic Index in coming up and US Michigan Consumer Sentiment in the afternoon. The pound is up around 300 pips since it opened at the start of the week, and slightly offered as we approach the London open.
GBP/USD attention reverts to downside
The market has seen a strong reversal from support at 1.4854/32, the 61.8% retracement of the 2009 move higher and the March low, said Karen Jones, Chief Analyst at Commerzbnk. “The Elliot wave count is implying that this is corrective only and suggests the rally will fail circa 1.5220 ahead of the more important 1.5305 level (50% retracement). Provided it does so, attention should revert to the 1.4854/32 support.” Danske Banks Technical update suggests near term support as 1.5101, 1.5055,1.5035,1.5018 and Resistances 1.5222, 1.5260, 1.5283 and 1.5305. RSI 9 50.16.