16 Jul 2013
GBP/USD a mixed bag
FXstreet.com (Barcelona) - GBP/USD shot up 30 pips on the European open, capped there and then reversed back to 1.5120.
GBP/USD benefitted yesterday from a poor set of US Retail Sales data, marking up around 100 pips by the end of the Asian shift. Today we will see UK CPI and US CPI ahead of Carney and Bernanke under the spot-lights tomorrow.
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 benefitted yesterday from a poor set of US Retail Sales data, marking up around 100 pips by the end of the Asian shift. Today we will see UK CPI and US CPI ahead of Carney and Bernanke under the spot-lights tomorrow.
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”.