fxs_header_sponsor_anchor

Analysis

GBP/USD analysis: Pound keeps losing ground, hurt by data, Carney

GBP/USD Current price: 1.4080

  • UK Retail Sales fell in March, even below a sour forecast.
  • BOE's Carney said that Brexit uncertainty could delay interest rate rise.

The GBP/USD pair is down for a third consecutive day, with the Pound hurt by another batch of soft UK data. The pair reached a fresh weekly low of 1.4160 after the release of UK Retail Sales, which fell 1.2% MoM vs. an expected 0.5% decline. Yearly basis, sales grew just 1.1%, against the 2.0% expected, while the figures excluding volatile fuel components, were also below the expected ones. The decline was attributed to the unusual bad weather, that kept shoppers at home during the month. The pair attempted a recovery, but stalled at 1.4245 and resumed its decline in the US afternoon, breaking below 1.4100 on comments from Governor Carney, who among other things, said that Brexit uncertainty could delay interest rate hikes. In the meantime, the pair pierced the 61.8% retracement of its latest bullish run, now offering an immediate resistance at 1.4120, while struggling around a bullish 200 EMA, in the 4 hours chart, usually a strong dynamic support/resistance, technical indicators in the mentioned chart head sharply lower, entering oversold territory, with further declines seen extending down to the  psychological 1.4000 threshold.

Support levels: 1.4070 1.4035 1.4000

Resistance levels: 1.4120 1.4165 1.4205

View Live Chart for the GBP/USD

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.