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20 Jun 2013
GBP/USD bounces on retail sales
FXstreet.com (Barcelona) - GBP/USD bounced from 1.5414 to a high of 1.5466 on the 5 min chart after the UK Retails sales.
GBP/USD on UK Retails Sales
Retails Sales came in much better than expected at 1.9% vrs 0.2% expected (YoY) for May and 2.1% vrs 0.8% expected month on month. These numbers will have benefitted from the 4% month on month plunge in food store sales, warmer weather and corporate result for May, with a push higher in the services PMI rebound story. The pair found offers eventually at 1.5473. Next up is US data in the form of, Initial Jobless Claims (12.30GMT) Markit Manufacturing (12.58 GMT), Existing Home sales Change and Philly Fed (14.00GMT).
GBP/USD capped at 1.5473
GBP/USD found offers at 1.5473 and the pair remains broadly offered above the key support 1.5404 since the release of the FOMC, with indicators in the red. Next support is the 61.8% fib at 1.5377, and 1.5307 as 50%fib, targeting in broader terms 1.5008 and 1.4833 to the down side. However, on the daily charts, while the pair remain above 1.5150 the trend targets 1.5975.
GBP/USD on UK Retails Sales
Retails Sales came in much better than expected at 1.9% vrs 0.2% expected (YoY) for May and 2.1% vrs 0.8% expected month on month. These numbers will have benefitted from the 4% month on month plunge in food store sales, warmer weather and corporate result for May, with a push higher in the services PMI rebound story. The pair found offers eventually at 1.5473. Next up is US data in the form of, Initial Jobless Claims (12.30GMT) Markit Manufacturing (12.58 GMT), Existing Home sales Change and Philly Fed (14.00GMT).
GBP/USD capped at 1.5473
GBP/USD found offers at 1.5473 and the pair remains broadly offered above the key support 1.5404 since the release of the FOMC, with indicators in the red. Next support is the 61.8% fib at 1.5377, and 1.5307 as 50%fib, targeting in broader terms 1.5008 and 1.4833 to the down side. However, on the daily charts, while the pair remain above 1.5150 the trend targets 1.5975.