Back
15 Mar 2013
Forex: GBP/USD retraces gains to 1.5120
FXstreet.com (Barcelona) - Following the high at 1.5156 on the US CPI data, the pair eased gains throughout the NY session, but has been finding some support around 1.5120/25. The economic calendar is empty for the rest of the session.
The US consumer sentiment, gauged by the Reuters/Michigan Consumer Sentiment Index, dropped to 71.8 for the month of March, markedly lower than forecasts at 78.0 and February’s 77.6.
The Federal Reserve informed that the US Industrial Output posted a monthly expansion of 0.7%, surpassing estimates at 0.4% and up from 0.0% in January. In addition, Capacity Utilization rose to 79.6% from 79.2%.
“Yesterday's break above 1.4980 resistance signaled, that a bottom is in place at 1.4830 and the outlook here is positive above 1.5080 intraday support, for a rise through 1.5200, en route to 1.5330”, wrote Deltastock.com analyst Stoyan Mihaylov, pointing to crucial support at 1.4980.
The US consumer sentiment, gauged by the Reuters/Michigan Consumer Sentiment Index, dropped to 71.8 for the month of March, markedly lower than forecasts at 78.0 and February’s 77.6.
The Federal Reserve informed that the US Industrial Output posted a monthly expansion of 0.7%, surpassing estimates at 0.4% and up from 0.0% in January. In addition, Capacity Utilization rose to 79.6% from 79.2%.
“Yesterday's break above 1.4980 resistance signaled, that a bottom is in place at 1.4830 and the outlook here is positive above 1.5080 intraday support, for a rise through 1.5200, en route to 1.5330”, wrote Deltastock.com analyst Stoyan Mihaylov, pointing to crucial support at 1.4980.