18 Dec 2014
GBP/USD steadies, UK retail sales data eyed
FXStreet (Mumbai) - The British pound trades modestly higher against the US dollar, after sinking 1% overnight in reaction to the FOMC statement and Fed chief Yellen's speech.
The GBP/USD pair trades now at 1.5588 levels, up 0.07% on the day, after sliding towards one year low levels in the previous session. The pound recovered losses against the greenback but is expected to trade lower ahead of UK retail sales data which is expected to slightly ease in November after a sharp rebound seen in the preceding month.
As per the Office for National Statistics (ONS), retail sales volumes are expected to have slowed down to a rise of 0.3%, down from 0.8% a month before.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5619 (20-day SMA) above which gains could be extended to 1.5676 (200-day SMA) levels. On the flip side, support is seen at 1.5543 (Dec 17 Low), below which it could extend losses to 1.55 levels.
The GBP/USD pair trades now at 1.5588 levels, up 0.07% on the day, after sliding towards one year low levels in the previous session. The pound recovered losses against the greenback but is expected to trade lower ahead of UK retail sales data which is expected to slightly ease in November after a sharp rebound seen in the preceding month.
As per the Office for National Statistics (ONS), retail sales volumes are expected to have slowed down to a rise of 0.3%, down from 0.8% a month before.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5619 (20-day SMA) above which gains could be extended to 1.5676 (200-day SMA) levels. On the flip side, support is seen at 1.5543 (Dec 17 Low), below which it could extend losses to 1.55 levels.