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Forex Flash: GBP/USD potential climb to 1.5420 – Commerzbank

FXstreet.com (Barcelona) - The sterling is extending its correction lower from session highs above 1.5340 overnight, although buying interest around 1.5300 lifted the cross to the current area of 1.5315/20. The broader context however remains tilted to the risk-off tone so far.

Karen Jones, Head of FICC Technical Analyst at Commerzbank, suggests the short-term corrective upside should prevail as long as the market navigates above 1.5028. “The market has encountered its 55 day ma at 1.5342 and the 38.2% retracement of the move seen this year lies at 1.5420 – ideally this will hold and provoke failure. We note the Elliott wave count is suggesting this scenario currently”.

Fundamental Morning Wrap: Murphey´s law hits Eurozone (again) as Korean tensions rise

This mornings institutional research has seen a focus fall upon the Euro with Portuguese developments taking center stage, as courts rule against the Governments austerity programme as being unconstitutional, a move which may hinder its return to the bond markets in September. In Japan, the weak Yen has turned in a bigger-than-expected current account surplus for February driven by overseas investment, and in the geopolitical sphere, North Korea continues to be a problem.
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Germany Feb Industrial Production s.a. (MoM) rises to 0.5% vs -0.6% (Jan)

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