24 Jul 2013
GBP/USD bounces off lows to pare losses
FXstreet.com (New York) - The GBP/USD foreign exchange rate has effectively erased the entirety of its losses, following a staunch rebound off the 1.5315 level (session low).
In the United States, New Home Sales (MoM) came in at 0.497M in June, beating estimates of 0.485M. Moreover, New Home Sales Change (MoM) rose +8.3% in June, compared with a figure of +1.3% previously.
GBP/USD strategic bias
In these moments, the GBP/USD is now operating at 1.5369, now up +0.02% above its opening despite recently being entrenched in negative territory. Technically speaking, the Danske Research Team will be buffered by supports at 1.5326, ahead of 1.5297.
According to Karen Jones, an analyst at Commerzbank, “The GBP/USD has charted a TD perfected set up at the 1.5393 61.8% retracement. This warns of the increased likelihood of failure here, we also note the 13 count on the 240 minute chart. Attention reverts to the 1.5273 accelerated uptrend – only a close below here will alleviate upside pressure and avert further gains to 1.5551 the 78.6% retracement.”
In the United States, New Home Sales (MoM) came in at 0.497M in June, beating estimates of 0.485M. Moreover, New Home Sales Change (MoM) rose +8.3% in June, compared with a figure of +1.3% previously.
GBP/USD strategic bias
In these moments, the GBP/USD is now operating at 1.5369, now up +0.02% above its opening despite recently being entrenched in negative territory. Technically speaking, the Danske Research Team will be buffered by supports at 1.5326, ahead of 1.5297.
According to Karen Jones, an analyst at Commerzbank, “The GBP/USD has charted a TD perfected set up at the 1.5393 61.8% retracement. This warns of the increased likelihood of failure here, we also note the 13 count on the 240 minute chart. Attention reverts to the 1.5273 accelerated uptrend – only a close below here will alleviate upside pressure and avert further gains to 1.5551 the 78.6% retracement.”