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16 Jul 2013
GBP/USD falls off 1.5100 handle
FXstreet.com (New York) - The GBP/USD technical pair stalled at the 1.5100 region Tuesday, crumbling lower below this barrier during US trading.
In the United States, the NAHB Housing Market Index (July) was reported at 57.0, beating estimates of only 52.0. Earlier today, the Consumer Price Index (YoY) grew by +1.8% in June, exceeding estimates of +1.5%.
Technically speaking, the GBP/USD has now moved back into negative territory after falling nearly 20 pips to 1.5083, down -0.10% Tuesday. A drop lower will instigate supportive means at 1.5041, ahead of 1.5030, and 1.4995, notes the ICN.com Technical Analyst Team.
GBP/USD strategic bias
According to Karen Jones, an analyst at Commerzbank, “The GBP/USD’s rebound from support at 1.4854/32 is viewed as corrective only and may already be complete. 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.”
In the United States, the NAHB Housing Market Index (July) was reported at 57.0, beating estimates of only 52.0. Earlier today, the Consumer Price Index (YoY) grew by +1.8% in June, exceeding estimates of +1.5%.
Technically speaking, the GBP/USD has now moved back into negative territory after falling nearly 20 pips to 1.5083, down -0.10% Tuesday. A drop lower will instigate supportive means at 1.5041, ahead of 1.5030, and 1.4995, notes the ICN.com Technical Analyst Team.
GBP/USD strategic bias
According to Karen Jones, an analyst at Commerzbank, “The GBP/USD’s rebound from support at 1.4854/32 is viewed as corrective only and may already be complete. 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.”