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17 Jul 2013
GBP/USD sub 1.5100
FXstreet.com (London) - GBP/USD has moved below 1.5100 in the opening hours of Europe.
GBP/USD reached a high of 1.5164 in NY but walked lower throughout the Asian shift and now prints a low od 1.5086 on the London open. The pair suffered losses yesterday when US CPI printed 1.8% vs 1.5% consensus and 1.4% previous which reinforced the downside between the pair after the disappointing data release in the UK and a lower than forecasted UK CPI. The pair awaits BoE minutes coming up and for the US today, Bernanke will speak at 2GMT and the beige book is released at 6GMT.
GBP/USD rebound only corrective
Axel Rudolph, Senior Technical Analyst at Commerzbank noted GBP/USD held broadly sideways leaving his outlook unchanged. “The rebound from support at 1.4854/32 is viewed as corrective only and may already be complete at 1.5220. 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)”. He 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 reached a high of 1.5164 in NY but walked lower throughout the Asian shift and now prints a low od 1.5086 on the London open. The pair suffered losses yesterday when US CPI printed 1.8% vs 1.5% consensus and 1.4% previous which reinforced the downside between the pair after the disappointing data release in the UK and a lower than forecasted UK CPI. The pair awaits BoE minutes coming up and for the US today, Bernanke will speak at 2GMT and the beige book is released at 6GMT.
GBP/USD rebound only corrective
Axel Rudolph, Senior Technical Analyst at Commerzbank noted GBP/USD held broadly sideways leaving his outlook unchanged. “The rebound from support at 1.4854/32 is viewed as corrective only and may already be complete at 1.5220. 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)”. He 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”.