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24 Apr 2013
Forex: GBP/USD adding gains ahead of UK retail sales
FXstreet.com (Barcelona) - Ahead of the release of the UK CBI realized distributive trades survey, the GBP/USD moved higher to 1.5284 high and is now settling around 1.5270 area. Data is expected to rise from 0 to 7 in April. “Better weather in April should help the CBI retail sales index to outperform yesterday’s industrial survey, and after four straight months of decline we expect a rebound in reported sales”, wrote TD Securities analysts.
The German IFO survey was updated today and is contributing to the sentiment that the ECB might cut its rate at the next meeting after disappointing PMI data yesterday. The German IFO survey came in lower than expected for the April report: drop from 106.7 to 104.4 in business climate (consensus of 106.2), fall from 109.9 to 107.2 in current assessment (consensus of 109.5) and drop from 103.6 to 101.6 in expectations (consensus of 103.0).
Earlier, UK MBA Mortgage Approvals rose from 30.5K to 31.2K, as expected in March.
“Yesterday's low at 1.5195 is obviously not sufficient to complete the downtrend from 1.5410 and the intraday outlook remains bearish for one more dip to 1.5170 before reversal”, wrote Deltastock.com analyst Stoyan Mihaylov, pointing to key resistance on the upside at 1.5367 high.
The German IFO survey was updated today and is contributing to the sentiment that the ECB might cut its rate at the next meeting after disappointing PMI data yesterday. The German IFO survey came in lower than expected for the April report: drop from 106.7 to 104.4 in business climate (consensus of 106.2), fall from 109.9 to 107.2 in current assessment (consensus of 109.5) and drop from 103.6 to 101.6 in expectations (consensus of 103.0).
Earlier, UK MBA Mortgage Approvals rose from 30.5K to 31.2K, as expected in March.
“Yesterday's low at 1.5195 is obviously not sufficient to complete the downtrend from 1.5410 and the intraday outlook remains bearish for one more dip to 1.5170 before reversal”, wrote Deltastock.com analyst Stoyan Mihaylov, pointing to key resistance on the upside at 1.5367 high.