30 Jul 2013
GBP/USD drifting lower
FXstreet.com (London) - GBP/USD has eased off a little, drifting to a low of 1.5315 overnight.
GBP/USD is currently printing 1.5338 in the opening hour of European markets, sighting some US data this afternoon in the form of Consumer Confidence. The pair is still trading within a backdrop of a UK economy that is showing signs of growth and that has been underpinning the pound of late. However the levels of GDP are still well below the pre crisis peak and analysts remain spectacle on where growth in the UK will continue to come from and whether positive data surprises can continue to support Sterling. “Much of this now appears to be in the price, as evidenced by the reaction in GBP to the GDP numbers last week” – Nick Mannion, RBS.
GBP/USD easing
GBP/USD has started to ease. The Elliott wave signals and the TD counts have been signalling failure and it seems shape is starting to take form. If the pair can manage to revert to the upside and breach 1.5435 then this could signal that there are still more upside left towards 1.5551 and the 78.6% retracement. 1.5265 is the key support level and a close below could open up channels to 1.4850 zone once again.
GBP/USD is currently printing 1.5338 in the opening hour of European markets, sighting some US data this afternoon in the form of Consumer Confidence. The pair is still trading within a backdrop of a UK economy that is showing signs of growth and that has been underpinning the pound of late. However the levels of GDP are still well below the pre crisis peak and analysts remain spectacle on where growth in the UK will continue to come from and whether positive data surprises can continue to support Sterling. “Much of this now appears to be in the price, as evidenced by the reaction in GBP to the GDP numbers last week” – Nick Mannion, RBS.
GBP/USD easing
GBP/USD has started to ease. The Elliott wave signals and the TD counts have been signalling failure and it seems shape is starting to take form. If the pair can manage to revert to the upside and breach 1.5435 then this could signal that there are still more upside left towards 1.5551 and the 78.6% retracement. 1.5265 is the key support level and a close below could open up channels to 1.4850 zone once again.