18 Jul 2013
GBP/USD on the back foot in European open
FXstreet.com (London) - GBP/USD is starting the European session testing support 1.5170.
GBP/USD reached a high yesterday of 1.5269 after BoE Minutes . The pair has since been rejected to trade below the 1.5200 handle. Carney has been welcomed by the MPC and voted unanimously re the QE programme and rate decision.
GBP/USD corrective only
Analyst, Karen Jones at Commerzbank, noted that GBP/USD shot higher yesterday, but said the pair has still not cleared the 1.5300/05 resistance. “We continue to view the rebound from support at as corrective and Elliot wave counts on the 240 minute chart suggests the rally will fail circa the more important 1.5305 level (50% retracement). Provided it does so, attention should revert to the 1.4854/32 support”.
GBP/USD reached a high yesterday of 1.5269 after BoE Minutes . The pair has since been rejected to trade below the 1.5200 handle. Carney has been welcomed by the MPC and voted unanimously re the QE programme and rate decision.
GBP/USD corrective only
Analyst, Karen Jones at Commerzbank, noted that GBP/USD shot higher yesterday, but said the pair has still not cleared the 1.5300/05 resistance. “We continue to view the rebound from support at as corrective and Elliot wave counts on the 240 minute chart suggests the rally will fail circa the more important 1.5305 level (50% retracement). Provided it does so, attention should revert to the 1.4854/32 support”.