19 Jul 2013
GBP/USD trading at 1.5260 region
FXstreet.com (New York) - The GBP/USD foreign exchange rate jumped higher Friday, rebounding off the 1.5245 level during US trading.
In these moments, the GBP/USD is now operating at 1.5260, now up +0.22%, Friday, though still below its earlier highs of 1.5283. Briefing the technicals, the Danske Research Team points to resistances at 1.5283 (session high), followed by 1.5305, and finally 1.5346.
GBP/USD strategic bias
According to Karen Jones, an analyst at Commerzbank, “The GBP/USD has still not cleared the 1.5300/05 resistance area – we continue to view the rebound from support as corrective and Elliot wave counts on the 240-minute chart suggest the rally will fail circa around the more important 1.5305 level (current July high). Provided it does so, attention should revert to the 1.4854/32 support zone.”
In these moments, the GBP/USD is now operating at 1.5260, now up +0.22%, Friday, though still below its earlier highs of 1.5283. Briefing the technicals, the Danske Research Team points to resistances at 1.5283 (session high), followed by 1.5305, and finally 1.5346.
GBP/USD strategic bias
According to Karen Jones, an analyst at Commerzbank, “The GBP/USD has still not cleared the 1.5300/05 resistance area – we continue to view the rebound from support as corrective and Elliot wave counts on the 240-minute chart suggest the rally will fail circa around the more important 1.5305 level (current July high). Provided it does so, attention should revert to the 1.4854/32 support zone.”