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21 May 2014
GBP/USD regains 1.6900 on strong UK retail sales
FXStreet (Córdoba) - The GBP/USD extended gains above 1.6900 after UK retail sales for April came in much-stronger-than-expected.
The GBP/USD rose through 1.6900 and reached a high of 1.6920 after data showed UK retail sales grew 1.3% in April versus 0.5% expected, and 6.9% vs 5.2% YoY. Meanwhile, BoE minutes showed the MPC voted unanimously to keep policy unchanged.
The GBP was already on the rise, underpinned by rumor retail sales would come in strong, which finally was the case, sending the GBP/USD to a 2-week high. At time of writing, the Cable is trading at 1.6905, recording a 0.39% gain on the day.
1.7000 within reach?
Next upside target for the GBP/USD is at 1.6937 (May 9 high), followed by 1.6975 (May 8 high) and finally the major 1.7000 level. It remains to be seen if pound bulls would have the determination needed. On the other hand, supports are now seen at 1.6831 (May 21 low) and 1.6800 (psychological level).
The GBP/USD rose through 1.6900 and reached a high of 1.6920 after data showed UK retail sales grew 1.3% in April versus 0.5% expected, and 6.9% vs 5.2% YoY. Meanwhile, BoE minutes showed the MPC voted unanimously to keep policy unchanged.
The GBP was already on the rise, underpinned by rumor retail sales would come in strong, which finally was the case, sending the GBP/USD to a 2-week high. At time of writing, the Cable is trading at 1.6905, recording a 0.39% gain on the day.
1.7000 within reach?
Next upside target for the GBP/USD is at 1.6937 (May 9 high), followed by 1.6975 (May 8 high) and finally the major 1.7000 level. It remains to be seen if pound bulls would have the determination needed. On the other hand, supports are now seen at 1.6831 (May 21 low) and 1.6800 (psychological level).