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22 Feb 2013
Forex: GBP/USD temporarily shoots back to daily highs
After trading sidelined just above the opening price, the market pushed higher after 12:00 GMT, coming close to Asian session high of 1.5320. With its peak at 1.5316, the GBP/USD eased back below the 1.5300 mark ahead of the NY opening.
Besides of the lower than expected CPI data and very contracting Retail Sales in Canada, the economic calendar as not much more to offer than Fed officials speeches. Fed's officials have been attempting to clarify the latest FOMC meeting minutes that alarmed investors of an end to QE sooner than previously thought. Fed's Bernanke will speak next week and might also try to sound dovish to compensate concerns over the minutes.
“We note the TD perfection set up on the 240 minute chart and the Elliot wave count is pointing to a 1.5380./1.5425 and possibly 1.5525 correction ahead of further weakness”, wrote Commerzbank analyst Karen Jones.
Besides of the lower than expected CPI data and very contracting Retail Sales in Canada, the economic calendar as not much more to offer than Fed officials speeches. Fed's officials have been attempting to clarify the latest FOMC meeting minutes that alarmed investors of an end to QE sooner than previously thought. Fed's Bernanke will speak next week and might also try to sound dovish to compensate concerns over the minutes.
“We note the TD perfection set up on the 240 minute chart and the Elliot wave count is pointing to a 1.5380./1.5425 and possibly 1.5525 correction ahead of further weakness”, wrote Commerzbank analyst Karen Jones.