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18 Apr 2013
Forex: GBP/USD eased to 1.5220 on UK sales
FXstreet.com (Barcelona) - The sterling is grinding lower on Thursday after the retail sales in the British economy posted an annual contraction of 0.5% in March, and rose 0.4% on a yearly basis excluding fuel.
According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the cross “has at last sold off confirming 1.5412/20, the recent high and the 38.2% retracement, as an interim high. Loss of the 1.5154 uptrend will add weight to the idea that the market has resumed its down move”.
At the moment, the cross is down 0.11% at 1.5222 and a drop beyond 1.5217 (low Apr.17) would then target 1.5199 (low Apr.5) and finally 1.5034 (low Apr.4).
On the upside, resistance levels align at 1.5370 (high Apr.17) followed by 1.5386 (high Apr.15) and then 1.5409 (high Apr.12).
According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the cross “has at last sold off confirming 1.5412/20, the recent high and the 38.2% retracement, as an interim high. Loss of the 1.5154 uptrend will add weight to the idea that the market has resumed its down move”.
At the moment, the cross is down 0.11% at 1.5222 and a drop beyond 1.5217 (low Apr.17) would then target 1.5199 (low Apr.5) and finally 1.5034 (low Apr.4).
On the upside, resistance levels align at 1.5370 (high Apr.17) followed by 1.5386 (high Apr.15) and then 1.5409 (high Apr.12).