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13 Mar 2013
Forex: GBP/USD falls on US retail sales
The GBP/USD peaked at 1.4982 high during the London morning and found stable ground at 1.4950 ahead of the load of US data. However, improving data in the US provoke Dollar buying that sent the pair lower, now at 1.4935.
US import prices beat consensus at 1.1% in February, instead of the 0.5% expected, and increased the pace from January's 0.6%, with annualized data rebounding from -1.3% to -0.3%. Export prices rose from 0.3% to 0.8%, beating 0.3% consensus, with annualized data rising from 1.1% to 1.5%.
Retail sales in the US rose 1.1% in February, surprising the 0.5% expectations. January data was revised higher, from 0.1% to 0.2%. Ex-auto data surprised at 1.0%, beating 0.5% consensus, and saw the January figure being revised higher, from 0.2% to 0.4%.
"Current rebound above 1.4830 low should be considered corrective and I expect it to be limited below 1.4980 resistance, before next wave downwards, to 1.4780", wrote Deltastock.com analyst Stoyan Mihaylov, pointing to minor intraday support at 1.4910.
US import prices beat consensus at 1.1% in February, instead of the 0.5% expected, and increased the pace from January's 0.6%, with annualized data rebounding from -1.3% to -0.3%. Export prices rose from 0.3% to 0.8%, beating 0.3% consensus, with annualized data rising from 1.1% to 1.5%.
Retail sales in the US rose 1.1% in February, surprising the 0.5% expectations. January data was revised higher, from 0.1% to 0.2%. Ex-auto data surprised at 1.0%, beating 0.5% consensus, and saw the January figure being revised higher, from 0.2% to 0.4%.
"Current rebound above 1.4830 low should be considered corrective and I expect it to be limited below 1.4980 resistance, before next wave downwards, to 1.4780", wrote Deltastock.com analyst Stoyan Mihaylov, pointing to minor intraday support at 1.4910.