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21 May 2015
GBP/USD hovers around 1.5550
FXStreet (Mumbai) - The GBP/USD has been more or less flat to positive around 1.5550 since the early Asian session on Thursday, after having managed to finish the previous session moderately higher at 1.5540.
Focus on UK retail sales
The investors now await the UK retail sales (exp 3.7% yoy, prev 5.0%), (exp 0.4% mom, prev -0.5%). The Bank of England minutes as well as the Fed minutes released in the previous session largely turned out to be non-events in the markets. The GBP/USD did recover from the lows of 1.5471 seen in the European morning yesterday, although the gains were capped at 1.5586 after Fed minutes were released.
Ahead in the day, the major trigger is seen coming from the UK retail sales and the US weekly jobless claims and existing home sales data.
GBP/USD Technical Levels
The immediate support is seen at 1.5518, under which losses could be extended to 1.5445. On the other hand, a break above 1.5668 could see the pair re-test 1.56 (5-DMA).
Focus on UK retail sales
The investors now await the UK retail sales (exp 3.7% yoy, prev 5.0%), (exp 0.4% mom, prev -0.5%). The Bank of England minutes as well as the Fed minutes released in the previous session largely turned out to be non-events in the markets. The GBP/USD did recover from the lows of 1.5471 seen in the European morning yesterday, although the gains were capped at 1.5586 after Fed minutes were released.
Ahead in the day, the major trigger is seen coming from the UK retail sales and the US weekly jobless claims and existing home sales data.
GBP/USD Technical Levels
The immediate support is seen at 1.5518, under which losses could be extended to 1.5445. On the other hand, a break above 1.5668 could see the pair re-test 1.56 (5-DMA).