25 Apr 2014
GBP/USD finally got retail sales – at 1.6830
FXStreet (Moscow) - GBP/USD moved lower right before the release reaching 1.6790 area; it rushed to 1.6829 on the UK data.
Retail sales are out
The pair started to lose its grounds even before the release of the UK Retail Sales, as the market tried to price in the highly expected negative readings. The pound came to 1.6790 area right before the data, and rushed to 1.6829 right after. The British Retail Sales came out at +0.1% m/m, 4.2% y/y vs -0.4% m/m and +3.8% y/y expected. It was much better than expected, and supported the view that the British economy is showing good pace of recovery with even better numbers to come in April thanks to more stable labor market. The next target on the way higher is at 1.6861.
What are today’s key GBP/USD levels?
Today's central pivot point can be found at 1.6792, with support below at 1.6775, 1.6749, 1.6732 with resistance above at 1.6818, 1.6835, and 1.6861. Hourly Moving Averages are largely bullish, with the 200SMA at 1.6787, and the daily 20EMA bullish at 1.6734. Hourly RSI is bullish at 56.
Retail sales are out
The pair started to lose its grounds even before the release of the UK Retail Sales, as the market tried to price in the highly expected negative readings. The pound came to 1.6790 area right before the data, and rushed to 1.6829 right after. The British Retail Sales came out at +0.1% m/m, 4.2% y/y vs -0.4% m/m and +3.8% y/y expected. It was much better than expected, and supported the view that the British economy is showing good pace of recovery with even better numbers to come in April thanks to more stable labor market. The next target on the way higher is at 1.6861.
What are today’s key GBP/USD levels?
Today's central pivot point can be found at 1.6792, with support below at 1.6775, 1.6749, 1.6732 with resistance above at 1.6818, 1.6835, and 1.6861. Hourly Moving Averages are largely bullish, with the 200SMA at 1.6787, and the daily 20EMA bullish at 1.6734. Hourly RSI is bullish at 56.