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14 Apr 2015
GBP/USD extends gains after IMF says better Eurozone, but worse US forecast
FXStreet (Tokyo) - The GBP/USD is extending post-retail sales gains and after breaking above the 200-hour MA of 1.4760, the pair is now heading towards 1.4800.
The US dollar is trading under pressure following a weaker than expected US retail sales in March as investors assumed that poor economic data will delay Fed's first rate hike until the Q4.
In addition, the FMI revised lower US GDP 2015 expectations to 3.1% vs 3.3% in January; and 3.1% in 2016 vs the 3.3% expected in January. On the other hand, Eurozone GDP expectations are up to 1.6% vs 1.3% in January.
Currently, GBP/USD is trading at 1.4781, up 0.73% on the day, having posted a daily high at 1.4790 and low at 1.4603. The FXStreet OB/OS Index is reflecting neutral hourly conditions, while the FXStreet Trend Index is slightly bullish.
GBP/USD levels
If the pair consolidates levels above 1.4760, it will find next resistances at 1.4800 and then 1.4820. To the downside, supports are now at 1.4700, 1.4680 and 1.4600.
The US dollar is trading under pressure following a weaker than expected US retail sales in March as investors assumed that poor economic data will delay Fed's first rate hike until the Q4.
In addition, the FMI revised lower US GDP 2015 expectations to 3.1% vs 3.3% in January; and 3.1% in 2016 vs the 3.3% expected in January. On the other hand, Eurozone GDP expectations are up to 1.6% vs 1.3% in January.
Currently, GBP/USD is trading at 1.4781, up 0.73% on the day, having posted a daily high at 1.4790 and low at 1.4603. The FXStreet OB/OS Index is reflecting neutral hourly conditions, while the FXStreet Trend Index is slightly bullish.
GBP/USD levels
If the pair consolidates levels above 1.4760, it will find next resistances at 1.4800 and then 1.4820. To the downside, supports are now at 1.4700, 1.4680 and 1.4600.