12 Jan 2015
GBP/USD supply coming in lower than 1.5180 resistance
FXStreet (Guatemala) - GBP/USD is currently trading 1.5140 at with a high of 1.5196 and low of 1.5090, down 0.06% on the day.
GBP/USD is pressing back tot he downside with supply coming in heavy before 1.5180 resistance, failing to match the overnight highs post a rebound from 1.5098 lows. While above 1.5120, the pair remains bid and recovering from 1.5034 pre US jobs report disappointment in wages.
The key level on the downside remains at 1.5000 and below here, Karen Jones, chief analyst at Commerzbank, would allow for for slippage to the 1.4910/1.4813 long term Fibo and 2013 low but would look for this to hold the downside on the initial test. "We note the intraday Elliot way count on the 60 minute chart is suggesting the correction is already complete but both the 240 minute and daily charts are suggesting a deeper retracement".
GBP/USD is pressing back tot he downside with supply coming in heavy before 1.5180 resistance, failing to match the overnight highs post a rebound from 1.5098 lows. While above 1.5120, the pair remains bid and recovering from 1.5034 pre US jobs report disappointment in wages.
The key level on the downside remains at 1.5000 and below here, Karen Jones, chief analyst at Commerzbank, would allow for for slippage to the 1.4910/1.4813 long term Fibo and 2013 low but would look for this to hold the downside on the initial test. "We note the intraday Elliot way count on the 60 minute chart is suggesting the correction is already complete but both the 240 minute and daily charts are suggesting a deeper retracement".