GBP/USD eyes YTD tops on US data, around 1.4310

16 Apr 2018

  • Cable gathered extra traction in the wake of US data.
  • The Sterling surpassed the 1.4300 mark and trades closer to 2018 tops.
  • US Retail Sales expanded more than expected 0.6% in March.

The selling pressure around the greenback is now picking up further pace and is lifting GBP/USD to fresh daily highs above 1.4300 the figure.

GBP/USD higher post-US data

 Cable is extending the rally despite US Retail Sales expanded at a monthly 0.6%, more than initially estimated. Furthermore, Sales stripping the Transportation sector matched consensus during last month, up 0.2% MoM.

On the not-so-bright side, the Empire State manufacturing index came in at 15.80 for the current month, missing expectations and down from March’s 22.50.

In the meantime, Cable keeps the march north unabated so far today, up for the seventh day in a row and trading at shouting distance from 2018 tops near 1.4350.

GBP/USD levels to consider

As of writing, the pair is gaining 0.53% at 1.4315 facing the next hurdle at 1.4345 (2018 high Jan.25) seconded by 1.4516 (high Mar.18 2016) and finally 1.4568 (monthly low Apr.2015). On the flip side, a break below 1.4151 (10-day sma) would aim for 1.4145 (low Apr.12) and then 1.4116 (21-day sma).

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