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7 Jan 2015
GBP/USD remains directly offered post Dec FOMC minutes
FXStreet (Guatemala) - GBP/USD is currently trading at 1.5102 having bounced of the lows scored post the FOMC below the 1.51 handle at 1.5079.
GBP/USD has been offered on the back of the FOMC minutes and took the major back below the 1.51 handle, testing the down side and the bull's commitment at 1.5080 support. The minutes revealed a committee that sees the net effect of the oil decline as positive for the economy but didn’t give us anything more than what had already been disclosed in respect to timings and the conditions required for an interest rate hike - Officials do not see a rate rise coming before April.
Technically, GBP/USD while below the 1.5250 5 year uptrend, the cross remains directly offered. Karen Jones, chief analyst at Commerzbank explain that below the market lies the 1.5090 2010-2015 support line and then we have 1.4910/1.4813 long term Fibo and 2013 low. “ e note the intraday Elliot way count on the 60 minute chart is suggesting a retracement to 1.5280/1.5375 and we would sell rallies into this zone near term".
GBP/USD has been offered on the back of the FOMC minutes and took the major back below the 1.51 handle, testing the down side and the bull's commitment at 1.5080 support. The minutes revealed a committee that sees the net effect of the oil decline as positive for the economy but didn’t give us anything more than what had already been disclosed in respect to timings and the conditions required for an interest rate hike - Officials do not see a rate rise coming before April.
Technically, GBP/USD while below the 1.5250 5 year uptrend, the cross remains directly offered. Karen Jones, chief analyst at Commerzbank explain that below the market lies the 1.5090 2010-2015 support line and then we have 1.4910/1.4813 long term Fibo and 2013 low. “ e note the intraday Elliot way count on the 60 minute chart is suggesting a retracement to 1.5280/1.5375 and we would sell rallies into this zone near term".