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Sterling Builds Expectation on Local Retail Sales

ByFxGrow
Published 17/02/2017, 06:56 pm
Updated 10/03/2019, 12:30 am

GBPUSD
GBP/USD surges for the second consecutive trading session fueled by dipping US dollar as US Dollar Index drops to 100.40 today. As a result, the pair rallied yesterday from 1.2453, and clocked a high today at 1.2511, currently the pair is trading 1.2502, struggling to withhold the 1.2500 level.

Fundamentals : GBP awaits today local Retail Sales at 9:30 AM GMT which will either arm Sterling facing recent recovering US Dollar, or shorten GBP/USD depending on the result.

Technicals : Key levels to watch : Daily Pp 1.2489

Resistance levels : R1 1.2520, R2 1.2557, R3 1.2597

Support levels : S1 1.2482, S2 1.2483, S3 1.2405

Remark : The cable trend remains uptrend due to weaker US Dollar. The main gear for GBP/USD today is UK Retail Sales at 9:30 AM GMT. A break above R1 will spark additional attacks towards R2 level. Closing below S1 will increase further selloffs and wash towards S2 at which trend will shift bearish, then S3. Be careful from setbacks as the price tend to make a test on S and R levels.

Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.

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