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12 Jul 2013
GBP/USD stabilizing above 1.5100
FXstreet.com (New York) - The GBP/USD foreign exchange rate staged a recovery Friday, eliminating a portion of its losses and stabilizing above the 1.5100 level during US trading.
In the United States, the Reuters/Michigan Consumer Sentiment Index (July) came in at 83.9, missing expectations of 85.0, and compared with a figure of 84.1 previously.
At the time of writing, the GBP/USD is still trading negatively, down -0.44% Friday. At this juncture the technical pair has recovered the 1.5100 barrier and is operating at 1.5114 in these moments. Supportive means lie below at 1.5090, ahead of 1.5030, and finally 1.4995, calculates the Technical Analyst Team at ICN.com.
GBP/USD strategic bias
According to Karen Jones, an analyst at Commerzbank, “The GBP/USD has seen a strong reversal from support at 1.4854/32, 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). Provided it does so, attention should revert to the 1.4854/32 support.”
In the United States, the Reuters/Michigan Consumer Sentiment Index (July) came in at 83.9, missing expectations of 85.0, and compared with a figure of 84.1 previously.
At the time of writing, the GBP/USD is still trading negatively, down -0.44% Friday. At this juncture the technical pair has recovered the 1.5100 barrier and is operating at 1.5114 in these moments. Supportive means lie below at 1.5090, ahead of 1.5030, and finally 1.4995, calculates the Technical Analyst Team at ICN.com.
GBP/USD strategic bias
According to Karen Jones, an analyst at Commerzbank, “The GBP/USD has seen a strong reversal from support at 1.4854/32, 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). Provided it does so, attention should revert to the 1.4854/32 support.”