Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxwIrePro: GBP/USD trades higher on upbeat UK retail Sales, good to buy on dips

  • GBP/USD recovered sharply from the yesterday low of 1.34686 on better than expected UK retail sales. The pair jumped till 1.36074 and is currently trading around 1.35570.
     
  • UK retail sales surged unexpectedly in Aug. Retail sales volume grew at 1.0% month-on –month compared to 0.1% expected and jumped to 2.4% Y-O-Y compared to forecast of 1.1% rise. The surge in UK retail sales likely to boost BOE rate hike bets.
     
  • On the higher side, near term resistance is around 1.36320 and any break above will take the pair till 1.3700/1.3750.
     
  • The near term support is around 1.3500 and any break below will drag the pair down till 1.3450/1.3400. The minor weakness only below 1.3150.

It is good to buy on dips around                1.3500 with SL around 1.34500 for the TP of 1.3615/1.3630.

 

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.