With the week economic data been released out of the US today we saw a nice spike in the GBP/USD Pair.
Core CPI 0.1 % – Forecast 0.2%
Core Retail Sales 0.3% – Forecast 0.5%
Retails Sales 0.4% – Forecast 0.6%
The next hurdle for the pair is a break through the minor resistance area at 1.289. A break through 1.289 will lead the way for a test of 1.290 and the 50 Day MA.
Failure to break these levels and a strengthening of the dollar could take the pair back to 1.285.
We are still below the 200 Day MA and the 50 Day MA has crossed below the 200 Day MA so its a possibility that we are going to be seeing further downside for the next couple of days.
*All information in this article is the author’s opinion and is for educational purposes only. It does not constitute investment advice or a solicitation to buy or sell any financial instrument. Trading may expose you to risk of loss greater than your deposits and is only suitable for experienced investors who have sufficient financial means to bear such risk.