11 Jun 2015
GBP/USD off lows near 1.5465
FXStreet (Mumbai) - The GBP/USD ran into offers at the daily low of 1.5429 to trade at 1.5465 levels ahead of the data in the US, which could show retail sales rebounded in May.
Focus on Retail Sales
The spot managed to take back part of its losses, although further gains appear contingent on the quality of the US data. The retail sales are widely expected to have rebounded 1.1% in May, after the turnover stalled in April. Meanwhile, the initial jobless claims are expected to print at 277K for the week ended June 5.
Ahead of the data, the pair may also track the firmness in the US Treasury yields. The yield spread at the moment favors the USD since the 10-year Gilt yield in the UK is more or less unchanged on the day at 2.128%, while its US counterpart is up one basis points.
GBP/USD Technical Levels
The immediate support is seen at 1.5439 (hourly 50-MA), under which the pair could drop to 1.5365 (hourly 100-MA). On the flip side, a break above 1.5490 could drive the pair higher to 1.5551.
Focus on Retail Sales
The spot managed to take back part of its losses, although further gains appear contingent on the quality of the US data. The retail sales are widely expected to have rebounded 1.1% in May, after the turnover stalled in April. Meanwhile, the initial jobless claims are expected to print at 277K for the week ended June 5.
Ahead of the data, the pair may also track the firmness in the US Treasury yields. The yield spread at the moment favors the USD since the 10-year Gilt yield in the UK is more or less unchanged on the day at 2.128%, while its US counterpart is up one basis points.
GBP/USD Technical Levels
The immediate support is seen at 1.5439 (hourly 50-MA), under which the pair could drop to 1.5365 (hourly 100-MA). On the flip side, a break above 1.5490 could drive the pair higher to 1.5551.