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13 Aug 2013
GBP/USD reverses off lows, move to 1.5600 cannot be ruled out
FXstreet.com (New York) - The GBP/USD foreign exchange rate touched its session lows of 1.5427 Tuesday, subsequently exploding off this region and jumping nearly 50 pips during US trading.
Earlier today in the United States, Retail Sales (MoM) were reported at only +0.2% in July, missing expectations of +0.3% and down from +0.6% previously. However, Retail Sales ex Autos (MoM) came in at +0.5%, beating estimates of only +0.4%. Moreover, Business Inventories (June) yielded no change, relative to projections of +0.2%.
Technically speaking, the GBP/USD is now trading at 1.5481, now regaining positivity and even notching a +0.11% gain after recently trading in the doldrums. The Mataf.net analyst team points to resistive means at 1.5493, onto 1.5535, and 1.5558.
GBP/USD strategic bias
According to Karen Jones, an analyst at Commerzbank, “The GBP/USD still comes off the 78.6% Fibonacci retracement at 1.5551. It is to come off further from its current 1.5574 August high and targets the 1.5432 July 25 high. Last week’s rally looks directional, however, and we still have to allow for a stab to 1.5605/42, the May peak and uptrend channel resistance line. If overcome, a challenge of the 1.5752/55 June high and the 200-week MA could still be seen. GBP/USD will remain bid while trading above the two-month uptrend channel line at 1.5217.”
Earlier today in the United States, Retail Sales (MoM) were reported at only +0.2% in July, missing expectations of +0.3% and down from +0.6% previously. However, Retail Sales ex Autos (MoM) came in at +0.5%, beating estimates of only +0.4%. Moreover, Business Inventories (June) yielded no change, relative to projections of +0.2%.
Technically speaking, the GBP/USD is now trading at 1.5481, now regaining positivity and even notching a +0.11% gain after recently trading in the doldrums. The Mataf.net analyst team points to resistive means at 1.5493, onto 1.5535, and 1.5558.
GBP/USD strategic bias
According to Karen Jones, an analyst at Commerzbank, “The GBP/USD still comes off the 78.6% Fibonacci retracement at 1.5551. It is to come off further from its current 1.5574 August high and targets the 1.5432 July 25 high. Last week’s rally looks directional, however, and we still have to allow for a stab to 1.5605/42, the May peak and uptrend channel resistance line. If overcome, a challenge of the 1.5752/55 June high and the 200-week MA could still be seen. GBP/USD will remain bid while trading above the two-month uptrend channel line at 1.5217.”