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Forex: GBP/USD finds resistance ahead of 1.5000

The GBP/USD rose to 1.4982 high in its rebound process after going to as low as 1.4832 in yesterday trading. The pair is currently finding stability at 1.4950 zone, up by +0.35% on the day.

Mortgage applications fell -4.7% in the week ending at March 8, according to MBA. Data rose 14.8% in the previous week.

US retail sales data will be out at 12:30 GMT. “The surge in gasoline prices should push total consumer spending up sharply in February, and we expect retail sales to rise at an above consensus 0.8% m/m”, wrote TD Securities analyst Alvin Pontoh, looking for stronger autos to bolster the top line, and sales ex-autos are expected to rise at a slightly more modest 0.7% m/m pace (consensus 0.5%).

“Overextended daily studies may signal stronger rebound ahead, with clearance of 1.5000/46, seen as trigger”, wrote Winsdor Brokers analyst Slobodan Drvenica, pointing to 1.4800 in case of upside rejection.

Forex: GBP/USD trading positively at 1.4955/56

The GBP/USD has trended higher Wednesday, after the recent negative attention received via weak indicators in the United Kingdom. After trading in the 1.4841 region (March 12 low), the cross was seen rallying towards 1.4955/56 in these moments, securing an advance of +0.38% during European trading.
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Forex Flash: Pound stays vulnerable - BTMU

Derek Halpenny of the Bank of Tokyo Mitsubishi UFJ notes that as expected, GBP weaked following weaker than expected Industrial Production figures in the UK.
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