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27 Mar 2014
GBP/USD hitting three week highs
FXStreet (Guatemala) - GBP/USD rallied on upbeat data from the UK but ran into supply on the US session and data performances.
GBP/USD got a lift when we saw the upside surprise for today’s retail sales data, with ex-fuel sales up 1.8% M/M in Feb (mkt 0.3%). Strategists at TD Securities noted, “The overall message is that consumer spending trends in the UK are still looking solid. We also had the minutes today from the BoE’s FPC meeting, but no smoking guns there…so far no signs of any impending macroprudential measures to dampen the UK housing market”.
GBP/USD slows up in US
GBP/USD was held up at 1.6640/42 the high and meanwhile, the US came back with Initial Jobless Claims 311k vs 325k consensus and Continuing Jobless Claims 2.823m vs 2.875m consensus. PCE was noted .1% better than expected as well.
GBP/USD Levels
The 20 DMA is 1.6622, the 50 DMA is 1.6567 and the 200 DMA is 1.6047. RSI (14) reads 69.60. Spot is 1.6630 and resistance is 1.6640/66.
GBP/USD got a lift when we saw the upside surprise for today’s retail sales data, with ex-fuel sales up 1.8% M/M in Feb (mkt 0.3%). Strategists at TD Securities noted, “The overall message is that consumer spending trends in the UK are still looking solid. We also had the minutes today from the BoE’s FPC meeting, but no smoking guns there…so far no signs of any impending macroprudential measures to dampen the UK housing market”.
GBP/USD slows up in US
GBP/USD was held up at 1.6640/42 the high and meanwhile, the US came back with Initial Jobless Claims 311k vs 325k consensus and Continuing Jobless Claims 2.823m vs 2.875m consensus. PCE was noted .1% better than expected as well.
GBP/USD Levels
The 20 DMA is 1.6622, the 50 DMA is 1.6567 and the 200 DMA is 1.6047. RSI (14) reads 69.60. Spot is 1.6630 and resistance is 1.6640/66.