8 Aug 2013
GBP/USD sails to fresh highs, upside limit undefined
FXstreet.com (New York) - The GBP/USD foreign exchange rate streamed to fresh highs Thursday, having now catapulted above the 1.5550 region – a source of previous resistance earlier this week.
At this juncture, the GBP/USD is now navigating the region of 1.5573, establishing fresh highs en route to a gain of +0.54% above its opening. Briefing the technicals, the GBP/USD will face resistance at 1.5565, onto 1.5603 (previous resistance was broken at 1.5534), the Danske Research Team.
GBP/USD strategic bias
According to Karen Jones, an analyst at Commerzbank, “The GBP/USD has exploded higher and we will have to allow for further upside gains to 1.5551 the 78.6% retracement. The 200-day MA also lies here at 1.5536 and directly above here are the 1.5605 May high. The Elliott wave count is suggesting we should stall here, but we have a number of conflicting signals.”
At this juncture, the GBP/USD is now navigating the region of 1.5573, establishing fresh highs en route to a gain of +0.54% above its opening. Briefing the technicals, the GBP/USD will face resistance at 1.5565, onto 1.5603 (previous resistance was broken at 1.5534), the Danske Research Team.
GBP/USD strategic bias
According to Karen Jones, an analyst at Commerzbank, “The GBP/USD has exploded higher and we will have to allow for further upside gains to 1.5551 the 78.6% retracement. The 200-day MA also lies here at 1.5536 and directly above here are the 1.5605 May high. The Elliott wave count is suggesting we should stall here, but we have a number of conflicting signals.”