15 Jul 2013
GBP/USD recovery capped at 1.5100 level
FXstreet.com (New York) - The GBP/USD foreign exchange rate has pared a large portion of its losses Monday, following an ascension off of intraday lows at 1.5028, however this recovery has stalled at the 1.5100 region.
At the time of writing, the GBP/USD is now navigating the area of 1.5095 (55-day MA), suffering from a decline of -0.17% during US trading. Given the recent weakness below the 200-day SMA (1.5124), the pair will now look to supports at 1.5061, ahead of 1.5012, and finally 1.4949, notes the Mataf.net analyst team.
GBP/USD strategic bias
According to Karen Jones, an analyst at Commerzbank, “The GBP/USD’s rebound from support at 1.4854/32 is viewed as corrective only (the 61.8% retracement of the 2009 move higher and the March low). 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). Provided it does so, attention should revert to the 1.4854/32 support.”
At the time of writing, the GBP/USD is now navigating the area of 1.5095 (55-day MA), suffering from a decline of -0.17% during US trading. Given the recent weakness below the 200-day SMA (1.5124), the pair will now look to supports at 1.5061, ahead of 1.5012, and finally 1.4949, notes the Mataf.net analyst team.
GBP/USD strategic bias
According to Karen Jones, an analyst at Commerzbank, “The GBP/USD’s rebound from support at 1.4854/32 is viewed as corrective only (the 61.8% retracement of the 2009 move higher and the March low). 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). Provided it does so, attention should revert to the 1.4854/32 support.”