20 Feb 2015
GBP/USD rises from 61.8% fib level
FXStreet (Mumbai) - The GBP/USD pair rose from the support of 61.8% fib expansion level (1.4988 to 1.5350 and 1.5195) located at 1.5419 ahead of the UK retail sales data, which could show a month-on-month dip in the turnover.
GBP/USD: trades above hourly 50-MA
The pair has just taken out the resistance of the hourly 50-MA at 1.5427 to trade at 1.5431; up 0.12%. The pair had dipped to a low of 1.5413 earlier today before recovering to trade above 61.8% fib level at 1.5419. Sterling could extend gains if the actual figure for the UK retail sales in January beats the expected fall of 0.2% month-on-month. Meanwhile, year-on-year figure is seen at 5.9%.
GBP/USD Technical Levels
The pair faces immediate resistance at 1.5471, above which gains could be extended to 1.55 levels. On the flip side, a break below support at 1.5149 could push the pair down to 1.5376 levels.
GBP/USD: trades above hourly 50-MA
The pair has just taken out the resistance of the hourly 50-MA at 1.5427 to trade at 1.5431; up 0.12%. The pair had dipped to a low of 1.5413 earlier today before recovering to trade above 61.8% fib level at 1.5419. Sterling could extend gains if the actual figure for the UK retail sales in January beats the expected fall of 0.2% month-on-month. Meanwhile, year-on-year figure is seen at 5.9%.
GBP/USD Technical Levels
The pair faces immediate resistance at 1.5471, above which gains could be extended to 1.55 levels. On the flip side, a break below support at 1.5149 could push the pair down to 1.5376 levels.