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12 Aug 2013
GBP/USD cannot shake negativity, trading at support
FXstreet.com (New York) - The GBP/USD foreign exchange rate earlier surrendered its grip on the 1.5500 level Monday, only to drop lower and entrench itself in negative territory during US trading.
GBP/USD strategic bias
According to Karen Jones, an analyst at Commerzbank, “The GBP/USD’s recent sharp gains last week took it to 1.5574 from where it has been easing back these past few days. We remain unable to rule out stabs into the 1.5605/26 May high and top of the channel, though. The Elliott wave count is suggesting we should stall here, but we have a number of conflicting signals.”
GBP/USD technical levels
At the time of writing, the GBP/USD is presently operating at 1.5477 Monday, now falling at a rate of -0.10% off its opening. Technically speaking, the GBP/USD is testing support at 1.5484, a break of which will open up additional means at 1.5459 and 1.5422, notes the Mataf.net analyst team.
GBP/USD strategic bias
According to Karen Jones, an analyst at Commerzbank, “The GBP/USD’s recent sharp gains last week took it to 1.5574 from where it has been easing back these past few days. We remain unable to rule out stabs into the 1.5605/26 May high and top of the channel, though. The Elliott wave count is suggesting we should stall here, but we have a number of conflicting signals.”
GBP/USD technical levels
At the time of writing, the GBP/USD is presently operating at 1.5477 Monday, now falling at a rate of -0.10% off its opening. Technically speaking, the GBP/USD is testing support at 1.5484, a break of which will open up additional means at 1.5459 and 1.5422, notes the Mataf.net analyst team.