26 Mar 2015
GBP/USD trapped in a narrow range – FXStreet
FXStreet (Barcelona) - FXStreet Editor and Analyst, Omkar Godbole, views that with GBP/USD trapped in a narrow 1.4880-1.4900 range, the UK retail sales print will be key for the pair.
Key Quotes
“On the hourly chart, we see the pair has bounced – off from the 200-MA twice in this week. We also see a bearish crossover between the hourly 50-MA and 100-MA.”
“The pair is moving in a narrow range of 1.4880-1.49 since the Asian session today, with the hourly RSI neutral at 50.00 levels.”
“A strong UK retail sales print could push the pair above the sideways channel resistance at 1.4976, while a weak number could push the pair below the channel support (hourly 200-MA) at 1.4841. However, it is essential the pair sustains above/below the said level in either of the cases.”
“The immediate gains are likely to be capped around 1.5, while the losses, in case of a weak retail sales figure, could drive the pair well below 1.48 levels.”
Key Quotes
“On the hourly chart, we see the pair has bounced – off from the 200-MA twice in this week. We also see a bearish crossover between the hourly 50-MA and 100-MA.”
“The pair is moving in a narrow range of 1.4880-1.49 since the Asian session today, with the hourly RSI neutral at 50.00 levels.”
“A strong UK retail sales print could push the pair above the sideways channel resistance at 1.4976, while a weak number could push the pair below the channel support (hourly 200-MA) at 1.4841. However, it is essential the pair sustains above/below the said level in either of the cases.”
“The immediate gains are likely to be capped around 1.5, while the losses, in case of a weak retail sales figure, could drive the pair well below 1.48 levels.”