18 Jul 2013
GBP/USD retreats back to 1.5200 barrier
FXstreet.com (New York) - The GBP/USD technical pair retreated back to the 1.5200 region Thursday, having experienced pressure from a strengthening USD during US trading.
In these moments, the GBP/USD has now moved into negative territory, presently incurring a loss of -0.12% off its opening. The GBP/USD remains fortified by supports at 1.5154, ahead of 1.5120, and 1.5080, notes the Danske Research Team.
GBP/USD strategic bias
According to Karen Jones, an analyst at Commerzbank, “The GBP/USD shot higher yesterday, but has still not cleared the 1.5300/05 resistance. We continue to view the rebound from support at as corrective and Elliot wave counts on the 240-minute chart suggests the rally will fail circa the more important 1.5305 level (50% retracement). Provided it does so, attention should revert to the 1.4854/32 support.”
In these moments, the GBP/USD has now moved into negative territory, presently incurring a loss of -0.12% off its opening. The GBP/USD remains fortified by supports at 1.5154, ahead of 1.5120, and 1.5080, notes the Danske Research Team.
GBP/USD strategic bias
According to Karen Jones, an analyst at Commerzbank, “The GBP/USD shot higher yesterday, but has still not cleared the 1.5300/05 resistance. We continue to view the rebound from support at as corrective and Elliot wave counts on the 240-minute chart suggests the rally will fail circa the more important 1.5305 level (50% retracement). Provided it does so, attention should revert to the 1.4854/32 support.”