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11 Feb 2013
Forex: GBP/USD reaches 1.5750
Unable to extend gains above 1.5810, the GBP/USD eased across the chart still ahead of the London opening, finding its current daily low, at 1.5750, as bells jingled.
The economic calendar is practically empty, with Asian New Year and Carnival weighing on trading volumes. France published its December Industrial Output at +0.1% (MoM), instead of the -0.2% expected. Output had risen 0.5% in the prior month. Next will be Portugal Global Trade Balance.
“The Elliott wave count on the daily chart is suggesting that we allow for the possibility of a deeper retracement towards 1.5913 and possibly 1.6000, the 38.2% and 50% retracements of the move seen this year. However we then look for failure and a retest of the trend line”, wrote Commerzbank analyst Karen Jones, favoring a break below here to 1.5271/35 (2012 low) in the longer term.
The economic calendar is practically empty, with Asian New Year and Carnival weighing on trading volumes. France published its December Industrial Output at +0.1% (MoM), instead of the -0.2% expected. Output had risen 0.5% in the prior month. Next will be Portugal Global Trade Balance.
“The Elliott wave count on the daily chart is suggesting that we allow for the possibility of a deeper retracement towards 1.5913 and possibly 1.6000, the 38.2% and 50% retracements of the move seen this year. However we then look for failure and a retest of the trend line”, wrote Commerzbank analyst Karen Jones, favoring a break below here to 1.5271/35 (2012 low) in the longer term.