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14 Mar 2013
Forex: GBP/USD rises on London opening
The London opening is allowing an extended advance of the GBP/USD, already above the 1.4950 line and closer to yesterday's high of 1.4982. Nothing much on the data front for the UK, but a risk-on mood is being drawn ahead of today's EU Summit that is focused on promoting growth.
Spanish retail sales improved less than hoped for in January, from -11.4% (revised from -10.7%) to -10.2%, instead of the -8.2% consensus.
“We note the divergence of the RSI, the TD perfection set up on the daily and the weekly – all suggest that the move lower is done for now and we are likely to see a corrective rebound”, wrote Commerzbank analyst Karen Jones, suggesting a rally to 1.5100 possibly 1.5250 ahead of failure, once resistance at 1.4955 is breached.
Spanish retail sales improved less than hoped for in January, from -11.4% (revised from -10.7%) to -10.2%, instead of the -8.2% consensus.
“We note the divergence of the RSI, the TD perfection set up on the daily and the weekly – all suggest that the move lower is done for now and we are likely to see a corrective rebound”, wrote Commerzbank analyst Karen Jones, suggesting a rally to 1.5100 possibly 1.5250 ahead of failure, once resistance at 1.4955 is breached.