23 Jul 2013
GBP/USD regains 1.5350 region
FXstreet.com (New York) - The GBP/USD technical pair rebounded off the 1.5335 level Tuesday, having rallied on weak US data during US trading.
In the United States, the Richmond Fed Manufacturing Index (July) was reported at -11.0, missing expectations of 7.0, and compared to a figure of 8.0 previously.
Technically speaking, the GBP/USD is now operating at 1.5351, incurring a modest loss of -0.07% Tuesday. The Mataf.net analyst team calculates short-term supports for the GBP/USD at 1.5230 (200-day SMA), ahead of 1.5287, and 1.5216.
GBP/USD strategic bias
According to Karen Jones, an analyst at Commerzbank, “Having taken out the 1.5300/05 resistance area we can only assume further GBP/USD gains near-term towards the 1.5393 and 1.5551 61.8% and 78.6% retracements will be forth coming. Current strength is still indicated to still be corrective only what is less clear is how far this will now extend. We will assume that the market remain bid above the 1.5232 accelerated uptrend and only below here does upside pressure alleviate for a slide back to the 1.4854/32 support zone.”
In the United States, the Richmond Fed Manufacturing Index (July) was reported at -11.0, missing expectations of 7.0, and compared to a figure of 8.0 previously.
Technically speaking, the GBP/USD is now operating at 1.5351, incurring a modest loss of -0.07% Tuesday. The Mataf.net analyst team calculates short-term supports for the GBP/USD at 1.5230 (200-day SMA), ahead of 1.5287, and 1.5216.
GBP/USD strategic bias
According to Karen Jones, an analyst at Commerzbank, “Having taken out the 1.5300/05 resistance area we can only assume further GBP/USD gains near-term towards the 1.5393 and 1.5551 61.8% and 78.6% retracements will be forth coming. Current strength is still indicated to still be corrective only what is less clear is how far this will now extend. We will assume that the market remain bid above the 1.5232 accelerated uptrend and only below here does upside pressure alleviate for a slide back to the 1.4854/32 support zone.”