- RES 4 : 1.5700
- RES 3: 1.5630 (Support turned into resistance)
- RES 2: 1. 5506 (200 day MA)
- RES 1: 1.54925 (50 % retracement of 1.4564 and 1.5813)
PRICE: 1.5472@ 11:24 GMT
- SUP 1 :1.5443 (20 day MA)
- SUP 1: 1.5380 (resistance turned into sup)
- SUP 2: 1.5350 (7 day EMA)
- SUP3 :1.5192 (55 day EMA)
GBP/USD has retreated after making a high of 1.5506 and is currently trading at 1.5465 ahead of US retail sales data.
The US retail is expected to rise by 1.5% m/m compared to forecast of 1.2% in headline sales , driven mostly by strong auto sales and higher gasoline price. Higher than expected retail sales numbers will drag the GBP/USD pair further down till 1.5400
On the downside major support is around 1.5395 and any break below would extend gains till 1.5350/1.5300 in short term.
It is good to sell on rallies around 1.5495 with SL around 1.5560 for the TP of 1.5400/1.5380.
