16 Jul 2013
GBP/USD dumping
FXstreet.com (Barcelona) - GBP/USD is dumping on the back of a series of UK data releases.
GBP/USD has dumped around 50 pips so far to 1.5046, while the markets are still digesting the data. There were a number of second tier releases that came out but key was CPI. Core y/y (Jun) was in line while non-core was 2.9% vrs 3.0% consensus and 2.7% previous. We will wait for US CPI this afternoon. The price action follows suit with the technical analyses from Commerzbank this morning.
GBP/USD corrective only
Karen Jones, Chief Analyst at Commerzbank said that GBP/USD’s rebound from support at 1.4854/32 is viewed as corrective only and may already be complete. “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).” She said provided it does so, attention should revert to the 1.4854/32 support. “Above 1.5305 neutralises the immediate outlook for recovery to the 1.5530/1.5603 band, the 78.6% retracement and 200 day ma”.
GBP/USD has dumped around 50 pips so far to 1.5046, while the markets are still digesting the data. There were a number of second tier releases that came out but key was CPI. Core y/y (Jun) was in line while non-core was 2.9% vrs 3.0% consensus and 2.7% previous. We will wait for US CPI this afternoon. The price action follows suit with the technical analyses from Commerzbank this morning.
GBP/USD corrective only
Karen Jones, Chief Analyst at Commerzbank said that GBP/USD’s rebound from support at 1.4854/32 is viewed as corrective only and may already be complete. “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).” She said provided it does so, attention should revert to the 1.4854/32 support. “Above 1.5305 neutralises the immediate outlook for recovery to the 1.5530/1.5603 band, the 78.6% retracement and 200 day ma”.