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23 Jan 2015
GBP/USD pushing up to resistance 1.5020
FXStreet (Guatemala) - GBP/USD is currently trading at 1.5008 with a high of 1.5029 and a low of 1.4950.
GBP/USD is making a recovery onto the 1.50 handle with some better data in the UK's retail sales that unexpectedly rose 0.4% M/M in December, following up November’s strong 1.6% print, leaving Q4 as the strongest 3m/3m retail sales growth since 2002, as noted by analyst at TD Securities. "The big boost came from food stores, as most other categories pulled back after big gains in Nov." It looks like Q4 was another quarter of extremely strong consumer spending, which is good for GDP, but if we see another quarter of declining business investment at the same time, then that will have the BoE increasingly worried about an unbalanced recovery." On any pull backs below the 1.50 handle , we have the 1.4910/1.4813 long term Fibo and 2013 lows."
Karen Jones, chief analyst at Commerzbank explained that near term rallies are expected to continue to struggle at 1.5300. " But for now we are unable to rule out a deeper phase to test the downtrend at 1.5440, but while capped here, our negative bias will remain entrenched."
GBP/USD is making a recovery onto the 1.50 handle with some better data in the UK's retail sales that unexpectedly rose 0.4% M/M in December, following up November’s strong 1.6% print, leaving Q4 as the strongest 3m/3m retail sales growth since 2002, as noted by analyst at TD Securities. "The big boost came from food stores, as most other categories pulled back after big gains in Nov." It looks like Q4 was another quarter of extremely strong consumer spending, which is good for GDP, but if we see another quarter of declining business investment at the same time, then that will have the BoE increasingly worried about an unbalanced recovery." On any pull backs below the 1.50 handle , we have the 1.4910/1.4813 long term Fibo and 2013 lows."
Karen Jones, chief analyst at Commerzbank explained that near term rallies are expected to continue to struggle at 1.5300. " But for now we are unable to rule out a deeper phase to test the downtrend at 1.5440, but while capped here, our negative bias will remain entrenched."