26 Jul 2013
GBP/USD paring losses en route to 1.5400 level
FXstreet.com (New York) - The GBP/USD foreign exchange rate has continued erasing its gains, fostering a movement that has successfully rebounded off its lows at 1.5356 earlier today.
In these moments, the GBP/USD is steadfastly approaching the 1.5400 barrier, though thus far is relegated to the 1.5389 level, still down a slight -0.02% off its opening during US trading. The Danske Research team points to supports for the GBP/USD at 1.5353 (session low), ahead of 1.5324, and finally 1.5285.
GBP/USD strategic bias
According to Karen Jones, an analyst at Commerzbank, “The GBP/USD has charted an outside day to the topside through the 1.5393 61.8% retracement. We are very surprised to see this chart action and all the intraday charts, Elliott wave signals and TD counts continue to point to failure. Should 1,5435 be eroded however we will have to allow for further upside gains to 1.5551 the 78.6% retracement.”
In these moments, the GBP/USD is steadfastly approaching the 1.5400 barrier, though thus far is relegated to the 1.5389 level, still down a slight -0.02% off its opening during US trading. The Danske Research team points to supports for the GBP/USD at 1.5353 (session low), ahead of 1.5324, and finally 1.5285.
GBP/USD strategic bias
According to Karen Jones, an analyst at Commerzbank, “The GBP/USD has charted an outside day to the topside through the 1.5393 61.8% retracement. We are very surprised to see this chart action and all the intraday charts, Elliott wave signals and TD counts continue to point to failure. Should 1,5435 be eroded however we will have to allow for further upside gains to 1.5551 the 78.6% retracement.”