26 Mar 2015
GBP/USD erases post-retail sales gain
FXStreet (Mumbai) - The GBP/USD pair has failed once again around the 1.5 area, despite the upbeat UK retail sales data released today.
Post data gains erased
The GBP/USD rose to a high of 1.4992 from 1.4945 post the release of a better-than-expected UK retail sales data. However, the gains have been erased as the pair is back to trade near 1.4950 levels. Moreover, the pair has failed yet another time near 1.5 levels. The failure contradicts the rise in the UK gilt yields as well.
Meanwhile, the pair could make another attempt at 1.5 if the US weekly jobless claims data and services PMI data due for release later today disappoints market expectations.
GBP/USD Technical Levels
The immediate resistance is seen at 1.5, above which the pair could rise to 1.5075. On the other hand, a break below 1.4927 could push the pair down to 1.4882 (hourly 50-MA).
Post data gains erased
The GBP/USD rose to a high of 1.4992 from 1.4945 post the release of a better-than-expected UK retail sales data. However, the gains have been erased as the pair is back to trade near 1.4950 levels. Moreover, the pair has failed yet another time near 1.5 levels. The failure contradicts the rise in the UK gilt yields as well.
Meanwhile, the pair could make another attempt at 1.5 if the US weekly jobless claims data and services PMI data due for release later today disappoints market expectations.
GBP/USD Technical Levels
The immediate resistance is seen at 1.5, above which the pair could rise to 1.5075. On the other hand, a break below 1.4927 could push the pair down to 1.4882 (hourly 50-MA).