Back
23 Jan 2015
GBP/USD consolidates below 1.5000
FXStreet (Córdoba) - GBP/USD extended the fall below the 1.50 mark during the European session and printed a fresh 18-month low despite better-than-expected UK retail sales figures.
Cable fell to a low of 1.4956, last seen July 2013, and remained under pressure and capped below 1.5000 despite an attempt to regain the psychological level following strong UK data. Retail sales grew 0.4% in December against a -0.6% consensus, while excluding fuel sales rose 0.2% MoM versus expectations for a 0.7% decline.
GBP/USD short-term outlook
At time of writing, GBP/USD is trading at 1.4970, 0.25% below its opening price. The technical picture continues to favor the downside, according to Valeria Bednarik, chief analyst at FXStreet. “A break through daily low (1.4956) should lead to a quick slide towards the 1.4920 figure, while a break below this latter exposes the 1.4860 price zone”, said the analyst. “Sellers should appear if the price manages to recover up to 1.5025 immediate resistance, with a break above it favoring a short term recovery up to 1.5060 price zone”.
Cable fell to a low of 1.4956, last seen July 2013, and remained under pressure and capped below 1.5000 despite an attempt to regain the psychological level following strong UK data. Retail sales grew 0.4% in December against a -0.6% consensus, while excluding fuel sales rose 0.2% MoM versus expectations for a 0.7% decline.
GBP/USD short-term outlook
At time of writing, GBP/USD is trading at 1.4970, 0.25% below its opening price. The technical picture continues to favor the downside, according to Valeria Bednarik, chief analyst at FXStreet. “A break through daily low (1.4956) should lead to a quick slide towards the 1.4920 figure, while a break below this latter exposes the 1.4860 price zone”, said the analyst. “Sellers should appear if the price manages to recover up to 1.5025 immediate resistance, with a break above it favoring a short term recovery up to 1.5060 price zone”.