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14 Nov 2013
GBP/USD back below 1.6000
FXstreet.com (Edinburgh) - The pound is rapidly losing ground vs. the greenback now, dragging the GBP/USD to test fresh intraday lows around 1.5990.
GBP/USD hurt by data
Disappointing UK retail sales during October are now taking a toll on the sterling, losing more than 50 pips in the wake of the release. Sales in the British economy contracted 0.7% on a monthly basis and 0.6% excluding fuel, missing the median at 0.0% and -0.2%, respectively. The results were also lower than September’s 0.6% and 0.8%, respectively. There are no further data in the UK, with only MPC’s Miles giving a speech this evening.
GBP/USD levels to watch
As of writing the pair is down 0.20% at 1.5995 with the immediate support at 1.5986 (Tenkan line) and then 1.5854 (low Nov.12). On the flip side, a breakout of 1.6105 (high Nov.8) would bring 1.6115 (high Nov.7).
GBP/USD hurt by data
Disappointing UK retail sales during October are now taking a toll on the sterling, losing more than 50 pips in the wake of the release. Sales in the British economy contracted 0.7% on a monthly basis and 0.6% excluding fuel, missing the median at 0.0% and -0.2%, respectively. The results were also lower than September’s 0.6% and 0.8%, respectively. There are no further data in the UK, with only MPC’s Miles giving a speech this evening.
GBP/USD levels to watch
As of writing the pair is down 0.20% at 1.5995 with the immediate support at 1.5986 (Tenkan line) and then 1.5854 (low Nov.12). On the flip side, a breakout of 1.6105 (high Nov.8) would bring 1.6115 (high Nov.7).