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Gbpusd-trading

UK retail sales preview: What to expect of GBPUSD?UK consumer spending as represented by the retail sales dropped 0.5% in March, which amounts to 3.8% rise in the annualized terms. The core number is also seen dropping 0.5%, which would be bad news. Retail sales could fall more than expected- The odds of a weaker-than-expected retail sales appear high if we take into account the weakness in spending as shown by the lead indicators released earlier this month- · A survey by the payment company Visa released earlier this month showed Consumer spending in the UK grew at the slowest pace in more than three years in the first three months of 2017. Inflation was the culprit, the survey showed. · The British Retail Consortium (BRC) data released on Apr 10 showed the retail sales fell 1% as opposed to the expected drop of 0.5%. Again, it was the rising inflation. Both lead indicators clearly suggest the rising cost of living is having an undesirable impact on the spending. It wouldn’t be a surprise for you if the retail sales print misses estimates. What would happen to the Pound? “The pound is still the most hated currency”, said by Nicole Elliot, during her interview with Tip TV on Thursday. We cannot agree more, but that does not mean the quid cannot extend the rally. In fact the sentiment/positioning is at extreme and that always points to a potential for sharp reaction in the opposite chart. The spot has recently breached the key resistance at 1.2640 (23.6% of Brexit sell-off) and is trading above 1.2840. It looks set to revisit 1.29 and possibly to 1.30 levels if the retail sales prints better-than-estimates. Meanwhile, a weaker-than-expected retail sales figure could push the spot back to 1.2640. However, only a daily close below the same would signal bullish invalidation.
by TipTVFinance
Compressing Symmetrical Triangle - GBPUSDFor the interim, I am Neutral on this pair until I see how price action reacts upon the approach of the Up-Trend Trendline. If it respects the Up-Trend Trendline, then I will look for longs towards Down-Trend Trendline, but it if manages to break the Up-Trend Trendline, upon retest look for possible short into supply zone which is also a significant support level also lining up with 61.8% extension fib level. “Trading The World” – “The Clinical Error” – Please support the movement, “Trading The World” one PIP at a time. Like us at Facebook: www.facebook.com Instagram: www.instagram.com Twitter: twitter.com Telegram: t.me Stocktwits: stocktwits.com
by StrataOrion
GBP/USD – Chipping away at the trend line resistanceFriday’s bullish hammer candle followed by a break above 1.2416 (Jan 17 high) in the late Asian session today suggests the spot could take out the sliding trend line resistance 1.2445. A daily close above 1.2445 would open the doors for a sustained rally to 1.2550 (downward sloping 100-DMA) and possibly to 1.26 levels. Bearish scenario – Failure at the trend line hurdle followed by a break below Thursday’s low of 1.2253 could yield a sell-off to 1.20 levels.
by TipTVFinance
GBP/USD – Recovery to 1.24 cannot be ruled outCable’s sharp recover from the low of 1.2034 on Wednesday followed by a move higher to 1.2250 levels today in the wake of an oversold monthly RSI suggests a potential for an extended rally to 1.24 handle. Also note, the area below 1.21 handle acted as a strong buyers’ zone throughout October 2016. The pair’s rebound from 1.2034 yesterday only adds credence to sub 1.21 area as strong support zone. On the lower side, only a daily close below 1.20 would revive bearishness.
by TipTVFinance