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13 Mar 2013
Forex: GBP/USD erases most gains on US session, held by 1.4915/20
Despite the British Pound strength seen during the day until mid-London morning to as high as 1.4982, profit taking and then greenback buying have erased most of those gains. The GBP/USD hasn't reached the 1.4900 mark yet as it is successfully being held by 1.4915/20 as of writing.
Behind more demand of the Dollar was better than expected data in the US. Retail sales in the US rose 1.1% in February, surprising the 0.5% expectations. January data was revised higher, from 0.1% to 0.2%. Ex-auto data surprised at 1.0%, beating 0.5% consensus, and saw the January figure being revised higher, from 0.2% to 0.4%.
Business inventories rose 1.0% in January, surprising investors on the upside as market consensus was of 0.4%. December data was revised higher, from 0.1% to 0.3%.
“The pair may start another correction towards the level of 1.4900 and then form head & shoulders reversal pattern”, wrote Roboforex.com analyst Igor Sayadov, pointing to the first target of this pattern at 1.5100.
Behind more demand of the Dollar was better than expected data in the US. Retail sales in the US rose 1.1% in February, surprising the 0.5% expectations. January data was revised higher, from 0.1% to 0.2%. Ex-auto data surprised at 1.0%, beating 0.5% consensus, and saw the January figure being revised higher, from 0.2% to 0.4%.
Business inventories rose 1.0% in January, surprising investors on the upside as market consensus was of 0.4%. December data was revised higher, from 0.1% to 0.3%.
“The pair may start another correction towards the level of 1.4900 and then form head & shoulders reversal pattern”, wrote Roboforex.com analyst Igor Sayadov, pointing to the first target of this pattern at 1.5100.