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GBP/USD: bulls unable to take out Wednesday’s high

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 12, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The GBP/USD pair failed to chew through offers placed around Wednesday’s high of 1.4578 levels despite the rally in the European stocks.

    Eyes US data

    The spot now awaits the US advance retail sales data, which is expected to show the household spending rebounded in the January following December’s contraction. The data may help the US dollar recover ahead of the weekend if it manages to print above estimates.

    Moreover, the retail sales data and the action on the Wall Street could determine if the pair will end the week higher or lower. As of now, the pair is trading around 1.4540 levels; moderately above the weekly opening rate of 1.4498.

    GBP/USD Technical Levels

    The immediate resistance is seen at 1.4578 (Wed’s high), above which the spot could test 1.46 levels. On the other hand, a break below 1.4491 (hourly 50-MA) would open doors for a drop to 1.4443 (38.2% of 1.4079-1.4668).
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