GBP/USD has no idea what to do after UK data

By FXstreet.com | June 19, 2014 AAA

FXStreet (Moscow) - GBP/USD is confused after the release of UK data, trading at 0.7018 with no idea where to go now.



How to trade on this?



The UK Retail Sales proved to be complicated for analyses, as sales excluding fuel were better than expected (-0.5% vs -0.6%), but the headline yoy number declined to 3.9% from 6.9% in April, and vs 4.3% expected. What’s more food inflation indicator is the lowest since March, 2006 pointing to subdued price pressure ahead. The pound was able to touch 1.7025 just before the release, and retreated to 1.7010 area at the moment.



What are today’s key GBP/USD levels?



Today's central pivot point can be found at 1.6973, with support below at 1.6941, 1.6889, 1.6857 with resistance above at 1.7025, 1.7057, and 1.7109. Hourly Moving Averages are bullish, with the 200SMA at 1.6880, and the daily 20EMA bullish at 1.6861. Hourly RSI is bullish at 60.



comments powered by Disqus
Related Forex Analysis
  1. GBP/USD upside remains corrective – Commerzbank
    Forex News

    GBP/USD upside remains corrective – Commerzbank

  2. USD/CHF shows recovery attempts, as it bottomed at 0.9340
    Forex News

    USD/CHF shows recovery attempts, as it bottomed at 0.9340

  3. SEB:  More EUR/USD buying seen above 1.2943 - eFXnews
    Forex News

    SEB: More EUR/USD buying seen above 1.2943 - eFXnews

  4. GBP/USD Daily Outlook - September 19
    Investing

    GBP/USD Daily Outlook - September 19

  5. USD/CAD at Risk for Larger Downside Correction on Sticky Canada CPI
    Forex News

    USD/CAD at Risk for Larger Downside Correction on Sticky Canada CPI

Trading Center