26 Mar 2015
GBP/USD hit session highs
FXStreet (Mumbai) - The British Pound caught a fresh bid wave ahead of the European session, taking the GBP/USD pair to a session high of 1.4907.
Focus on UK retail sales
The pair has inched higher ahead of the data in the UK, which could show retail sales growth slowed down to 4.7% in February from 5.4% in January. Month-on-month the retail sales are seen rising 0.4% from a drop of 0.3% in January. The GBP/USD pair could see sharp moves depending on the nature of the retail sales data. A positive figure could erase the pessimism regarding falling inflation in the UK. On the other hand, a weak retail sales figure could lead to a sharp fall in the pair.
GBP/USD Technical Levels
The immediate resistance is seen at 1.4927, above which gains could be extended to 1.4952. On the flip side, a break below 1.49 could push the pair down to 1.4850.
Focus on UK retail sales
The pair has inched higher ahead of the data in the UK, which could show retail sales growth slowed down to 4.7% in February from 5.4% in January. Month-on-month the retail sales are seen rising 0.4% from a drop of 0.3% in January. The GBP/USD pair could see sharp moves depending on the nature of the retail sales data. A positive figure could erase the pessimism regarding falling inflation in the UK. On the other hand, a weak retail sales figure could lead to a sharp fall in the pair.
GBP/USD Technical Levels
The immediate resistance is seen at 1.4927, above which gains could be extended to 1.4952. On the flip side, a break below 1.49 could push the pair down to 1.4850.