The GBPUSD currency pair is currently moving back and forth near the level of 1.3070 in anticipation of the release of US Retail Sales data.
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- GBP/USD oscillates around 1.3070 ahead of the US Retail Sales data.
The pair currently trades last at 1.30736.
The previous day high was 1.3142 while the previous day low was 1.309. The daily 38.2% Fib levels comes at 1.311, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.3122, expected to provide resistance.
The GBP/USD pair consolidates in a narrow range during the early Asian session on Tuesday as the market sentiment turns cautious ahead of the release of US Retail Sales and the UK Consumer Price Index (CPI). The major is trading around 1.3072, down 0.01% on the day.
The UK will release the Consumer Price Index (CPI) for June on Wednesday, which is expected to be 8.2% YoY, from 8.7% in May, while the core CPI is estimated to be 7.1%, unchanged from May. Market participants anticipate the Bank of England (BoE) will hike its interest rates by 50 basis points (bps) in August. However, the aggressive tightening policy from the BoE to bring inflation to the target level would dampen the economic prospects of Britain’s economy.
On the other hand, the US Dollar Index, as measured by the Greenback against a basket of six foreign currencies, posts modest gains due to the softer Chinese Gross Domestic Product (GDP) data for the second quarter and the upbeat US Empire manufacturing survey from July. The Federal Reserve Bank of New York reported Monday that the NY Empire State Manufacturing Index dropped from -5.5 to 1.1, above expectations of -3.5.
Looking ahead, market participants will take cue from the US Retail Sales, which expected to rise 0.5% versus 0.3% prior. However, the key focus will be Wednesday’s UK Consumer Price Index (CPI). This figure would have a significant impact on the pair and help determine the next direction for the GBP/USD pair.
Technical Levels: Supports and Resistances
GBPUSD currently trading at 1.3076 at the time of writing. Pair opened at 1.3092 and is trading with a change of -0.12 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 1.3076 |
| 1 | Today Daily Change | -0.0016 |
| 2 | Today Daily Change % | -0.1200 |
| 3 | Today daily open | 1.3092 |
The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 1.2795, 50 SMA 1.262, 100 SMA @ 1.2461 and 200 SMA @ 1.2201.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 1.2795 |
| 1 | Daily SMA50 | 1.2620 |
| 2 | Daily SMA100 | 1.2461 |
| 3 | Daily SMA200 | 1.2201 |
The previous day high was 1.3142 while the previous day low was 1.309. The daily 38.2% Fib levels comes at 1.311, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.3122, expected to provide resistance.
Note the levels of interest below:
- Pivot support is noted at 1.3074, 1.3055, 1.3021
- Pivot resistance is noted at 1.3127, 1.3161, 1.3179
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 1.3142 |
| Previous Daily Low | 1.3090 |
| Previous Weekly High | 1.3142 |
| Previous Weekly Low | 1.2750 |
| Previous Monthly High | 1.2848 |
| Previous Monthly Low | 1.2369 |
| Daily Fibonacci 38.2% | 1.3110 |
| Daily Fibonacci 61.8% | 1.3122 |
| Daily Pivot Point S1 | 1.3074 |
| Daily Pivot Point S2 | 1.3055 |
| Daily Pivot Point S3 | 1.3021 |
| Daily Pivot Point R1 | 1.3127 |
| Daily Pivot Point R2 | 1.3161 |
| Daily Pivot Point R3 | 1.3179 |
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