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On Thursday, during the European session, the GBP/USD pair broke below 1.4100 hitting at 1.4078, the lowest level since 2009. Afterward, it stabilized and extending the recovery. It reached a American session high at 1.4248. I think a major part of the recovery was triggered by a fall in the EUR/GBP cross after the ECB President Draghi hinted at more easing in March.
In 4 hours chart, Sterling’s break above resistance of 1.420 – 1.422 could see the pair break above the EMA 20 line and move towards 1.4340-1.4350 (next falling channel resistance).
In daily chart, RSI is bullish and pointing higher suggesting further upside. On the whole, GBPUSD threatens more recovery pressure on correction.
A strong retail sales figure is a last hope for the hawks in the market who still expect the BOE to hike rates. A strong domestic consumption is necessary as only then the displaced workers (from energy and mining sector) could find employment. Hence labor markets could continue to tighten only if the domestic consumption ticks up.
P/S: I don't why I Can't Upload Images to My Blog
In 4 hours chart, Sterling’s break above resistance of 1.420 – 1.422 could see the pair break above the EMA 20 line and move towards 1.4340-1.4350 (next falling channel resistance).
In daily chart, RSI is bullish and pointing higher suggesting further upside. On the whole, GBPUSD threatens more recovery pressure on correction.
A strong retail sales figure is a last hope for the hawks in the market who still expect the BOE to hike rates. A strong domestic consumption is necessary as only then the displaced workers (from energy and mining sector) could find employment. Hence labor markets could continue to tighten only if the domestic consumption ticks up.
P/S: I don't why I Can't Upload Images to My Blog
