31 Jul 2013
GBP/USD recovery stalls at 1.5180 region
FXstreet.com (New York) - The GBP/USD foreign exchange managed to dig itself out an earlier hole that left the pair trading in the depths of 1.5126 Wednesday, having now recovered the 1.5180 region.
In these moments, the GBP/USD is now operating at 1.5179, still suffering a sizable decline of -0.39% off its opening. Despite the faltering of the recent recovery rally, investors will anxiously be awaiting signals out of the FOMC later today for insight. Technically speaking, the GBP/USD remains fortified by supports at 1.5185 ahead of 1.5139, and finally 1.5054, notes the Mataf.net Analyst Team.
GBP/USD strategic bias
According to Karen Jones, an analyst at Commerzbank, “The GBP/USD charted another weak session as it continues to sell off from the 1.5432 peak. Elliott wave signals and TD counts continue to point to failure. Loss of the 1.5265 support has been seen and this should be enough to signal the resumption of downside pressure and re-target the 1.5015 then 1.4854/32 support zones.”
In these moments, the GBP/USD is now operating at 1.5179, still suffering a sizable decline of -0.39% off its opening. Despite the faltering of the recent recovery rally, investors will anxiously be awaiting signals out of the FOMC later today for insight. Technically speaking, the GBP/USD remains fortified by supports at 1.5185 ahead of 1.5139, and finally 1.5054, notes the Mataf.net Analyst Team.
GBP/USD strategic bias
According to Karen Jones, an analyst at Commerzbank, “The GBP/USD charted another weak session as it continues to sell off from the 1.5432 peak. Elliott wave signals and TD counts continue to point to failure. Loss of the 1.5265 support has been seen and this should be enough to signal the resumption of downside pressure and re-target the 1.5015 then 1.4854/32 support zones.”