17 Jan 2014
Flash: GBP/USD’s strong recovery halted at 1.6457 - FXstreet
FXstreet.com (Barcelona) - Valeria Bednarik, Chief Analyst at FXstreet.com notes that the quiet European session was suddenly interrupted by stronger than expected UK retail sales that surged 2.6% against the expected 0.5%.
Key Quotes
“The GBP/USD jumped 150 pips with the news, setting a fresh 3 days high of 1.6457 and holding nearby, reversing latest weakness at least in the short term.”
“Technically, the pair has turned bullish, as the 4 hours chart shows indicators crossing their midlines to the upside, and price above its 20 SMA first time in 3 days, with an acceleration above mentioned high signalling a probable upward continuation towards 1.6500 price zone.”
“Nevertheless, the pair has also established a lower low daily basis, reaching 1.6308 before the bounce: below 1.6410 the pair may lost ground towards 1.6340/50 price zone.”
Key Quotes
“The GBP/USD jumped 150 pips with the news, setting a fresh 3 days high of 1.6457 and holding nearby, reversing latest weakness at least in the short term.”
“Technically, the pair has turned bullish, as the 4 hours chart shows indicators crossing their midlines to the upside, and price above its 20 SMA first time in 3 days, with an acceleration above mentioned high signalling a probable upward continuation towards 1.6500 price zone.”
“Nevertheless, the pair has also established a lower low daily basis, reaching 1.6308 before the bounce: below 1.6410 the pair may lost ground towards 1.6340/50 price zone.”