26 Mar 2015
GBP/USD consolidates below 1.49, UK data eyed
FXStreet (Mumbai) - GBP/USD trades almost unchanged in the European morning, failing to breach 1.49 handle on several occasions as traders now await key UK retail sales numbers for fresh cues on the pair.
GBP/USD supported above 1.4870
The GBP/USD pair trades flat at 1.4877, rebounding from session highs just shy of 1.49 barrier. The cable erased previous gains and trades muted awaiting clear direction from the upcoming retail volumes numbers from the UK. UK retail sales are expected to have picked up pace in February as demand for credit has soared.
Both the total sales and sales excluding auto and fuel are expected to have picked up 0.4% in February, from January’s declines of 0.3% and 0.7%, respectively.
Moreover, GBP/USD remains supported on a broadly weaker US dollar dragged down by weaker US durables good orders data. Meanwhile, traders may also eye US economic releases later in the day for further momentum on the major.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.4900 above which gains could be extended to 1.4986 levels. On the flip side, support is seen at 1.4830 levels below which it could extend losses to 1.4800 levels.
GBP/USD supported above 1.4870
The GBP/USD pair trades flat at 1.4877, rebounding from session highs just shy of 1.49 barrier. The cable erased previous gains and trades muted awaiting clear direction from the upcoming retail volumes numbers from the UK. UK retail sales are expected to have picked up pace in February as demand for credit has soared.
Both the total sales and sales excluding auto and fuel are expected to have picked up 0.4% in February, from January’s declines of 0.3% and 0.7%, respectively.
Moreover, GBP/USD remains supported on a broadly weaker US dollar dragged down by weaker US durables good orders data. Meanwhile, traders may also eye US economic releases later in the day for further momentum on the major.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.4900 above which gains could be extended to 1.4986 levels. On the flip side, support is seen at 1.4830 levels below which it could extend losses to 1.4800 levels.