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21 Mar 2013
Forex: GBP/USD working on the 1.5200 handle
FXstreet.com (Barcelona) - After a first spike high to 1.5200 area on better retail sales than expected, the GBP/USD is now back to the psychological level with a more sustained approach, up by +0.70% on the day. UK CBI industrial orders fell from -14 to -15, but came in better than the expected -17. UK PSNB rose from £-10.263B to £4.356B in February, but was much less than the expected £8.250B.
UK retail sales surprised on the upside: +2.1% (vs +0.5% consensus) (MoM), with ex-fuel data up by +1.9% (vs consensus of +0.5%). Annualized data rose from -0.5% to +2.6%, with the ex-fuel figure up from +0.5% to +3.3%. Soon, US labor, housing and manufacturing data will be available.
“Yesterday's reversal at 1.5024 shows, that the positive bias here is still intact and my outlook is bull-ish, for a rise through 1.5180, en route to 1.5330”, wrote Deltastock.com analyst Stoyan Mihaylov, pointing to key support at 1.4980.
UK retail sales surprised on the upside: +2.1% (vs +0.5% consensus) (MoM), with ex-fuel data up by +1.9% (vs consensus of +0.5%). Annualized data rose from -0.5% to +2.6%, with the ex-fuel figure up from +0.5% to +3.3%. Soon, US labor, housing and manufacturing data will be available.
“Yesterday's reversal at 1.5024 shows, that the positive bias here is still intact and my outlook is bull-ish, for a rise through 1.5180, en route to 1.5330”, wrote Deltastock.com analyst Stoyan Mihaylov, pointing to key support at 1.4980.