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21 Feb 2013
Forex: GBP/USD retraces losses on London session
The GBP/USD keeps bouncing and erasing its daily losses after falling down to as low as 1.5133 in late Asian session. Throughout the London morning, the pair moved back above the 1.5200 mark and returned to its opening price of 1.5233, where it's finding resistance.
The London session saw the UK government selling 10-year gilts at rising average yields, from 1.9% to 2.15%. UK CBI industrial trends survey (orders) improved from -20 to -14 in February, beating consensus of -15.
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“Corrective action on extremely stretched near-term studies, faces initial barriers at 1.5200/50 zone, with key near-term levels seen at 1.5290/1.5325, 50% / 61.8% of yesterday’s fall and only break above the latter would spark more significant recovery”, wrote Windsor Brokers analyst Slobodan Drvenica, focused on 1.5100, Fib 261.8% expansion of the extended wave from 1.6380 and psychological 1.5000 support.
The London session saw the UK government selling 10-year gilts at rising average yields, from 1.9% to 2.15%. UK CBI industrial trends survey (orders) improved from -20 to -14 in February, beating consensus of -15.
3
“Corrective action on extremely stretched near-term studies, faces initial barriers at 1.5200/50 zone, with key near-term levels seen at 1.5290/1.5325, 50% / 61.8% of yesterday’s fall and only break above the latter would spark more significant recovery”, wrote Windsor Brokers analyst Slobodan Drvenica, focused on 1.5100, Fib 261.8% expansion of the extended wave from 1.6380 and psychological 1.5000 support.