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13 Mar 2013
Forex: GBP/USD finds resistance ahead of 1.5000
The GBP/USD rose to 1.4982 high in its rebound process after going to as low as 1.4832 in yesterday trading. The pair is currently finding stability at 1.4950 zone, up by +0.35% on the day.
Mortgage applications fell -4.7% in the week ending at March 8, according to MBA. Data rose 14.8% in the previous week.
US retail sales data will be out at 12:30 GMT. “The surge in gasoline prices should push total consumer spending up sharply in February, and we expect retail sales to rise at an above consensus 0.8% m/m”, wrote TD Securities analyst Alvin Pontoh, looking for stronger autos to bolster the top line, and sales ex-autos are expected to rise at a slightly more modest 0.7% m/m pace (consensus 0.5%).
“Overextended daily studies may signal stronger rebound ahead, with clearance of 1.5000/46, seen as trigger”, wrote Winsdor Brokers analyst Slobodan Drvenica, pointing to 1.4800 in case of upside rejection.
Mortgage applications fell -4.7% in the week ending at March 8, according to MBA. Data rose 14.8% in the previous week.
US retail sales data will be out at 12:30 GMT. “The surge in gasoline prices should push total consumer spending up sharply in February, and we expect retail sales to rise at an above consensus 0.8% m/m”, wrote TD Securities analyst Alvin Pontoh, looking for stronger autos to bolster the top line, and sales ex-autos are expected to rise at a slightly more modest 0.7% m/m pace (consensus 0.5%).
“Overextended daily studies may signal stronger rebound ahead, with clearance of 1.5000/46, seen as trigger”, wrote Winsdor Brokers analyst Slobodan Drvenica, pointing to 1.4800 in case of upside rejection.