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17 Jul 2013
GBP/USD eases off highs, stable above 1.5200
FXstreet.com (New York) - The GBP/USD foreign exchange rate found its advance stymied at the 1.5270 region (session high), having now eased rapidly following Bernanke’s speech, which sparked a USD recovery.
In these moments, the GBP/USD is now operating at 1.5210, still up +0.33%, Wednesday, and promptly stable above the 1.5200 region. Resistances will test any further advance at 1.5235, onto 1.5270 (intraday high), and finally 1.5290, calculates the Technical Analyst Team at ICN.com.
GBP/USD strategic bias
According to Karen Jones, an analyst at Commerzbank, “The GBP/USD held broadly sideways leaving our outlook unchanged. The rebound from support at 1.4854/32 is viewed as corrective only and may already be complete at 1.5220. Meanwhile, 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 these moments, the GBP/USD is now operating at 1.5210, still up +0.33%, Wednesday, and promptly stable above the 1.5200 region. Resistances will test any further advance at 1.5235, onto 1.5270 (intraday high), and finally 1.5290, calculates the Technical Analyst Team at ICN.com.
GBP/USD strategic bias
According to Karen Jones, an analyst at Commerzbank, “The GBP/USD held broadly sideways leaving our outlook unchanged. The rebound from support at 1.4854/32 is viewed as corrective only and may already be complete at 1.5220. Meanwhile, 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.”