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15 Oct 2014
GBP/USD rises above 1.5950 after US data
FXStreet (Córdoba) - GBP/USD edged higher and printed fresh daily highs after a series of dismal economic data out from the US.
US retail sales fell in September for the first time in eight months, printing a 0.3% decline versus a drop of 0.1% expected. Meanwhile, producer prices dropped a seasonally adjusted 0.1%, posting the first decline in more than a year. The greenback weakened broadly after data and lifted GBP/USD above 1.5950.
Earlier on the day, solid UK employment data supported a GBP advance, but lacked follow through and stalled at the 1.5940 zone. Now, soft US data helped the pair to push higher, with a peak scored at 1.5974 so far, almost a hundred pips away its recent low.
GBP/USD levels to watch
As for technical levels, immediate resistances are now seen at 1.6000 (psychological level) and 1.6058 (10-day SMA). On the flip side, supports could be found at 1.5896 (Oct 14 low) and 1.5876 (Oct 15 low).
US retail sales fell in September for the first time in eight months, printing a 0.3% decline versus a drop of 0.1% expected. Meanwhile, producer prices dropped a seasonally adjusted 0.1%, posting the first decline in more than a year. The greenback weakened broadly after data and lifted GBP/USD above 1.5950.
Earlier on the day, solid UK employment data supported a GBP advance, but lacked follow through and stalled at the 1.5940 zone. Now, soft US data helped the pair to push higher, with a peak scored at 1.5974 so far, almost a hundred pips away its recent low.
GBP/USD levels to watch
As for technical levels, immediate resistances are now seen at 1.6000 (psychological level) and 1.6058 (10-day SMA). On the flip side, supports could be found at 1.5896 (Oct 14 low) and 1.5876 (Oct 15 low).