Back
12 Jul 2013
GBP/USD supported 1.5090
FXstreet.com (Barcelona) - GBP/USD is attracting bids sub 1.5100 ahead of technical support at 1.5055.
Next support in GBP/USD is seen at 1.5015 as the May low. In the mean time, we have seen some upbeat US data, albeit second tier news. These have come before the release of US Michigan Consumer Sentiment that’s coming up at 1355GMT. US Producer Price Index (YoY) came in at 2.5% vrs 2.1% consensus and PPI excluding Food and energy arrived at 1.75 vrs 1.5% consensus.
GBP/USD Levels and downside bias
The market has seen a strong reversal from support at 1.4854/32, the 61.8% retracement of the 2009 move higher and the March low, said Karen Jones, Chief Analyst at Commerzbnk. “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.” Danske Banks Technical update suggests near term support as 1.5101, 1.5055,1.5035,1.5018 and Resistances 1.5222, 1.5260, 1.5283 and 1.5305. RSI 9 50.16.
Next support in GBP/USD is seen at 1.5015 as the May low. In the mean time, we have seen some upbeat US data, albeit second tier news. These have come before the release of US Michigan Consumer Sentiment that’s coming up at 1355GMT. US Producer Price Index (YoY) came in at 2.5% vrs 2.1% consensus and PPI excluding Food and energy arrived at 1.75 vrs 1.5% consensus.
GBP/USD Levels and downside bias
The market has seen a strong reversal from support at 1.4854/32, the 61.8% retracement of the 2009 move higher and the March low, said Karen Jones, Chief Analyst at Commerzbnk. “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.” Danske Banks Technical update suggests near term support as 1.5101, 1.5055,1.5035,1.5018 and Resistances 1.5222, 1.5260, 1.5283 and 1.5305. RSI 9 50.16.