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COZfx: GBP/USD little changed in trading

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COZfx: GBP/USD little changed in trading

Postby dwang » Tue Apr 15, 2014 4:19 am

COZforex: The pound was little changed against the US dollar in subdued trade on Monday, after the release of strong US retail sales data and amid fresh concerns over tensions in Ukraine.

GBP/USD hit 1.6697 amid US morning trade, the pair's lowest since April 8; the pair subsequently consolidated at 1.6727, inching down 0.02%. COZFX strategist Nigel Boynton said, GBP/USD is predicted to find support at 1.6706, and a drop through could take it to the next support line of 1.6676. Meanwhile, the pair is predicted to find its first resistance at 1.6777, and a rise through could take it to the next resistance line of 1.6818.

Official data showed that US retail sales rise 1.1% in March, exceeding expectations for a 0.8% gain. Retail sales in February were revised up to a 0.7% increase from a previously estimated 0.3% rise.

Core retail sales, which exclude automobiles, rise 0.7% last month, more than the expected 0.5% increase, after a 0.3% gain in February.

Meanwhile, market sentiment remained under pressure amid fresh fears over Ukraine as the threat of military action by Kiev against pro-Russian separatists in the east of the country mounted after a deadline for them to leave government buildings they are occupying expired.

The US has indicated that it is prepared to impose more sanctions against Moscow if Russian encroachments in eastern Ukraine continue.

Data last month showed that the annual rate of inflation in the euro area slowed to 0.5%, well below the ECB’s target of just under 2%. The central bank kept monetary policy on hold unchanged earlier this month, but said it would consider unconventional measures if needed to prevent low inflation from becoming entrenched in the euro zone.

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