23 Jul 2015
GBP/CHF drops below 1.49, hits six days low
FXStreet (Mumbai) - The selling interest in GBP spiked, taking the GBP/CHF to a six day low of 1.4865 after the official data in the UK showed the retail sales in June unexpectedly dropped in June.
Trades around hourly 200-MA
The spot fell below the hourly 200-MA currently located at 1.4889, but profit taking ensured the pair recovered to trade closer to 1.49 handle. It remains to be seen if the profit taking ensures the pair rises above 1.4915 (23.6% Fib of July rally).
The British Pound weakened across the board as a drop in the retail sales raises questions on whether the UK economy would be able to sustain the rate hike in the near future. Moreover, the consumption stalled even though average earnings ticked higher last month.
GBP/CHF Technical Levels
The spot now trades around 1.4895. The immediate resistance is located at 1.4815 (23.6% Fib of July rally), followed by another major hurdle at 1.4973 (hourly 100-MA). On the other hand, support is seen at 1. 4889 (hourly 200-MA) and 1.4829 (38.25 Fib of July rally).
Trades around hourly 200-MA
The spot fell below the hourly 200-MA currently located at 1.4889, but profit taking ensured the pair recovered to trade closer to 1.49 handle. It remains to be seen if the profit taking ensures the pair rises above 1.4915 (23.6% Fib of July rally).
The British Pound weakened across the board as a drop in the retail sales raises questions on whether the UK economy would be able to sustain the rate hike in the near future. Moreover, the consumption stalled even though average earnings ticked higher last month.
GBP/CHF Technical Levels
The spot now trades around 1.4895. The immediate resistance is located at 1.4815 (23.6% Fib of July rally), followed by another major hurdle at 1.4973 (hourly 100-MA). On the other hand, support is seen at 1. 4889 (hourly 200-MA) and 1.4829 (38.25 Fib of July rally).