Forex: EUR/SEK in session lows after Swedish data

Commerzbank analysts expect the GBP/USD to do a near term rebound ahead of further losses below 1.5131: “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 analyst Karen Jones, adding that this week's sell off sliced through the 1.5271/35 target (2012 low and the 50% retracement of the move since 2009) with ease. “This is extremely negative price action and beyond a rebound we look for losses to 1.5000 and then 1.4853, the 61.8% retracement of the 2009 move”, she continued, pointing to initial resistance at the 1.5271/35 previous support then 1.5400/23 ahead of the 1.5651 accelerated downtrend.