18 Jul 2013
GBP/USD drops through 1.5200 handle
FXstreet.com (London) - GBP/USD has fallen through the 1.5200 handle as the Philly Fed number printed better than expected.
GBP/USD has been mixed since the release, falling through the handle to 1.5185, finding bids to take the pair right back through to 1.5214. At the same time Bernanke is speaking to the Senate following his House appearance yesterday, and price action could remain to be quite whippy as the market tries to digest the noise. The Philadelphia Fed Manufacturing Survey (Jul) printed a much better than expected reading as 19.8 vrs 7.8 consensus and 12.5 previous.
GBP/USD supported
GBP/USD has an intra day support at 1.5160 and the pair might target this with the 1.5200 handle being tested to the downside. 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 has been mixed since the release, falling through the handle to 1.5185, finding bids to take the pair right back through to 1.5214. At the same time Bernanke is speaking to the Senate following his House appearance yesterday, and price action could remain to be quite whippy as the market tries to digest the noise. The Philadelphia Fed Manufacturing Survey (Jul) printed a much better than expected reading as 19.8 vrs 7.8 consensus and 12.5 previous.
GBP/USD supported
GBP/USD has an intra day support at 1.5160 and the pair might target this with the 1.5200 handle being tested to the downside. 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”.