The GBP/USD technical pair has surged higher Monday during US trading, presently establishing fresh highs north of the 1.5370 region. In the United States, Existing Home Sales Change (MoM) fell -1.2% in June, missing expectations of +0.5%. Moreover, Existing Home Sales (MoM) were reported at 5.08M, against estimates calling for 5.26M. Technically speaking, the GBP/USD is now operating at 1.5378, securing a robust gain of +0.68% Monday. Following an earlier break above calculated resistance at 1.5325, and 1.5356, the Mataf.net analyst team identifies resistances at 1.5414. GBP/USD strategic bias According to Karen Jones, an analyst at Commerzbank, “The GBP/USD inched higher last week to reach its 1.5282/50% retracement and 1.5295 55 day ma- it has still not cleared the 1.5300/05 resistance area. We continue to view the rebound from support as corrective and Elliot wave counts on the 240-minute chart suggest the rally will fail circa around the more important 1.5305 level (current July high). Provided it does so, attention should revert to the 1.4854/32 support zone.”
Posted on: Mon, 22 Jul 2013 14:11:08 +0000
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