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17 Jul 2013
GBP/USD jumps over 100 pips.
FXstreet.com (Barcelona) - GBP/USD has jumped and is sharply higher on a united MPC and much better UK data.
GBP/USD has benefited from UK data that came in much better than expected while Carney has been welcomed by the MPC and they voted more or less unanimously re the QE programme and rate decision. The claimant count for Jun came in -21.2K vrs -8.0k consensuses, a huh difference that has seen the Sterling rally.
GBP/USD to face resistance?
Axel Rudolph, Senior Technical Analyst at Commerzbank had said The Elliot wave count is implying that the strength in the pound was corrective only and suggests rally's would fail ‘circa’ 1.5220 ahead of the more important 1.5305 level (50% retracement)” However, we have seen an over extension in rampant moves to a high if 1.5247 so far, but such positive data wasn't expected. He said provided the sterling is capped around these levels, attention should revert to the 1.4854/32 support. However, he also said, “Above 1.5305 neutralises the immediate outlook for recovery to the 1.5530/1.5603 band, the 78.6% retracement and 200 day ma”.
GBP/USD has benefited from UK data that came in much better than expected while Carney has been welcomed by the MPC and they voted more or less unanimously re the QE programme and rate decision. The claimant count for Jun came in -21.2K vrs -8.0k consensuses, a huh difference that has seen the Sterling rally.
GBP/USD to face resistance?
Axel Rudolph, Senior Technical Analyst at Commerzbank had said The Elliot wave count is implying that the strength in the pound was corrective only and suggests rally's would fail ‘circa’ 1.5220 ahead of the more important 1.5305 level (50% retracement)” However, we have seen an over extension in rampant moves to a high if 1.5247 so far, but such positive data wasn't expected. He said provided the sterling is capped around these levels, attention should revert to the 1.4854/32 support. However, he also said, “Above 1.5305 neutralises the immediate outlook for recovery to the 1.5530/1.5603 band, the 78.6% retracement and 200 day ma”.