A strong Retail Sale report in the UK sent the GBP/USD pair to 1.4993, rising 5.7% yearly basis in February, far above the expected 4.7%. But the pair once again failed to overcome the 1.5000 figure, and retraced sharply from the level, now approaching the 1.4900 figure.
Technically, the 4 hours chart shows that the price stands barely above a flat 20 SMA and the long upper shadow of the current candle suggests selling interest around the critical psychological figure is quite large. The technical indicators in the mentioned time frame stalled around their mid-lines and remain below them, which limits chances of an upward extension, unless the market decides to resume selling the greenback. A recovery above 1.4950 then, should lead to a retest of the mentioned highs, whilst only some steady advances beyond 1.5010 will suggests additional gains.
To the downside, the immediate support comes at the 1.4880 price zone, with a break below it exposing early week lows in the 1.4830 region.
View Live Chart for GBP/USD
Technically, the 4 hours chart shows that the price stands barely above a flat 20 SMA and the long upper shadow of the current candle suggests selling interest around the critical psychological figure is quite large. The technical indicators in the mentioned time frame stalled around their mid-lines and remain below them, which limits chances of an upward extension, unless the market decides to resume selling the greenback. A recovery above 1.4950 then, should lead to a retest of the mentioned highs, whilst only some steady advances beyond 1.5010 will suggests additional gains.
To the downside, the immediate support comes at the 1.4880 price zone, with a break below it exposing early week lows in the 1.4830 region.
View Live Chart for GBP/USD
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