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23 Apr 2015
GBP/USD trades flat
FXStreet (Mumbai) - The GBP/USD pair is trading flat ahead of the European session, after having recovered from a minor bout of weakness.
Focus on UK retail sales
The pair currently trades largely unchanged for the day at 1.0528 as investors await the UK retail sales report, which is expected to show retail turnover decreased to 5.4% from 5.7% seen in in February. The BOE minutes released on Wednesday carried a slightly hawkish tone, which helped the pair score a daily closing above 1.5 for the first time since March 11.
It remains to be seen if the retail sales help the pair to extend gains above 1.5 or the pair falls back below the same on disappointing data.
GBP/USD Technical Levels
The immediate support is located at 1.5, under which the pair could re-test its 5-DMA located at 1.4973. On the other hand, a break above 1.5057 could help the pair move higher to its 100-DMA at 1.51.
Focus on UK retail sales
The pair currently trades largely unchanged for the day at 1.0528 as investors await the UK retail sales report, which is expected to show retail turnover decreased to 5.4% from 5.7% seen in in February. The BOE minutes released on Wednesday carried a slightly hawkish tone, which helped the pair score a daily closing above 1.5 for the first time since March 11.
It remains to be seen if the retail sales help the pair to extend gains above 1.5 or the pair falls back below the same on disappointing data.
GBP/USD Technical Levels
The immediate support is located at 1.5, under which the pair could re-test its 5-DMA located at 1.4973. On the other hand, a break above 1.5057 could help the pair move higher to its 100-DMA at 1.51.