20 Feb 2015
GBP/USD consolidates above 1.5400, UK data eyed
FXStreet (Mumbai) - GBP/USD steadied in the European morning, extending its side-ways movement from the Asian trading as traders remain on the edge ahead of crucial UK retail volumes data due later in the session.
UK Retail sales data in focus
The GBP/USD pair trades mildly by 0.08% at 1.5426 levels, consolidating in a tight band between 1.5417-1.5434 levels. GBP/USD treads water ahead of UK retail sales data which is may show sales volumes excluding fuels are expected to have dipped 0.3% m/m in January, down from a rise of 0.2% a month before. Total sales are estimated to have declined too, by 0.2%.
Meanwhile, in absence of significant data from the US today, UK retail sales data is likely to be the main driver for the pair for rest of the day. Also, Greece debt talks may remain in the spotlight in the day ahead.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5466 above which gains could be extended to 1.5483 levels. On the flip side, support is seen at 1.5400 below which it could extend losses to 1.5369 levels.
UK Retail sales data in focus
The GBP/USD pair trades mildly by 0.08% at 1.5426 levels, consolidating in a tight band between 1.5417-1.5434 levels. GBP/USD treads water ahead of UK retail sales data which is may show sales volumes excluding fuels are expected to have dipped 0.3% m/m in January, down from a rise of 0.2% a month before. Total sales are estimated to have declined too, by 0.2%.
Meanwhile, in absence of significant data from the US today, UK retail sales data is likely to be the main driver for the pair for rest of the day. Also, Greece debt talks may remain in the spotlight in the day ahead.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5466 above which gains could be extended to 1.5483 levels. On the flip side, support is seen at 1.5400 below which it could extend losses to 1.5369 levels.