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GBP/USD: Dead flat ahead of UK data and EU meeting

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 19, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    Sterling Traders are on the sidelines in early Europe since it is a data heavy/event heavy day for GBP, leaving the GBP/USD pair largely unchanged on the day around 1.4330 levels.

    Eyes UK retail sales & EU meeting outcome

    Markets expect UK retail sales to show spending ticked higher in January. Advance indicators like BRC retail spending have already shown a sharp rise in spending despite gloomy financial market and economic outlook.

    The data would be followed by all important EU meeting on UK membership, whose outcome could decide the fate of the UK’s membership ahead of the referendum. The bid tone around GBP could gather pace if the outcome is pro-EU.

    GBP/USD Technical Levels

    The immediate resistance is seen at 1.4369 (5-DMA), above which the spot could test 1.4443 (38.2% of 1.4079-1.4668). On the other hand, a break below 1.43 would open doors for a drop to 1.4235 (Feb 17 low).
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