18 Jul 2013
GBP/USD faltered around 1.5240
FXstreet.com (Edinburgh) -The corrective upside from lows around 1.5160 seems to have run out of steam in the boundaries of 1.5240 so far, with the GBP/USD returning to the 1.5210/00 area.
GBP/USD propped up by UK data
Better-than-expected UK retail sales during June boosted the sterling to fresh intraday highs just above 1.5240, although the ascent lack of vigor to continue and returned to currently test th2 key support at 1.5200. Strategist Kit Juckes at Societe Generale assessed “Rates are on hold for a long time - longer than in the US. Fiscal policy is constrained almost as much by the country’s size as much as by the government’s ideology. Given the rate outlook, gilts are cheap and given its value, so is the pound”.
GBP/USD key levels
The pair is now losing 0.02% at 1.5209 with the next support at 1.5158 (low Jul.18) ahead of 1.5080 (low Jul.17) and then 1.5069 (MA10d). On the other hand a surpass of 1.5222 (high Jul.18) would open the door to 1.5270 (high Jul.17) and finally 1.5284 (50% of 1.4832-1.5753).
GBP/USD propped up by UK data
Better-than-expected UK retail sales during June boosted the sterling to fresh intraday highs just above 1.5240, although the ascent lack of vigor to continue and returned to currently test th2 key support at 1.5200. Strategist Kit Juckes at Societe Generale assessed “Rates are on hold for a long time - longer than in the US. Fiscal policy is constrained almost as much by the country’s size as much as by the government’s ideology. Given the rate outlook, gilts are cheap and given its value, so is the pound”.
GBP/USD key levels
The pair is now losing 0.02% at 1.5209 with the next support at 1.5158 (low Jul.18) ahead of 1.5080 (low Jul.17) and then 1.5069 (MA10d). On the other hand a surpass of 1.5222 (high Jul.18) would open the door to 1.5270 (high Jul.17) and finally 1.5284 (50% of 1.4832-1.5753).