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15 Jul 2013
GBP/USD Offered
FXstreet.com (Barcelona) - GBP/USD has started the European session on the back foot, descending towards 1.5100 the figure, breaking down moments before the London open.
GBP/USD has a busy week ahead for it yet again. Today on the calendar, we will see UK Retails Sales MoM for June. The pace will pick up tomorrow with CPI for both the UK and US as well as TIC flows for the US. Then, we have the main highlight of the week, as Carney releases his minutes on Wednesday 17th July and the market will be looking for the 'so called' forward guidance and some long awaited clarity from the BoE.
GBP/USD in negative territory
Karen Jones, Chief Analyst at Commerzbank, views GBP/USD’s rebound from support at 1.4854/32 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)”. She said provided it does so, attention should revert to the 1.4854/32 support. However, above 1.5305, she feels, neutralises the immediate outlook for recovery to the 1.5530/1.5603 band, the 78.6% retracement and 200 day ma. Danske Bank Technical Update gives us levels come as, Support 1.5076, 1.5055, 1.5035 and 1.5018.
GBP/USD has a busy week ahead for it yet again. Today on the calendar, we will see UK Retails Sales MoM for June. The pace will pick up tomorrow with CPI for both the UK and US as well as TIC flows for the US. Then, we have the main highlight of the week, as Carney releases his minutes on Wednesday 17th July and the market will be looking for the 'so called' forward guidance and some long awaited clarity from the BoE.
GBP/USD in negative territory
Karen Jones, Chief Analyst at Commerzbank, views GBP/USD’s rebound from support at 1.4854/32 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)”. She said provided it does so, attention should revert to the 1.4854/32 support. However, above 1.5305, she feels, neutralises the immediate outlook for recovery to the 1.5530/1.5603 band, the 78.6% retracement and 200 day ma. Danske Bank Technical Update gives us levels come as, Support 1.5076, 1.5055, 1.5035 and 1.5018.