GBPUSD: Cable back at 1.5000 after a quick dip to 1.4970; lower levels ahead. UK R/S later by FX Charts

GBP/USD: 1.5016
Following a brief spike to the session high of 1.5212, the ECB’s QE launch helped to drive Cable lower, in sympathy with the Euro, to below the Jan 8 low at 1.5033, in today reaching a low so far of 1.5014, where it currently sits.A test of 1.5000 seems more or less inevitable, with today’s UK Retail Sales (exp-0.6%mm, +3%yy) possibly being the catalyst, and should this be the case, then look for a quick stop loss hunt to 1.4970 and then a run towards 1.4915 (61.8% of 1.3502/1.7191) and eventually to the July 2013 low at 1.4813.

If we get a short squeeze, then back above the previous trend low at 1.5033 sellers will gather at minor 1.5050/1.5075 levels ahead of 1.5100 and then the 100/200 HMA’s at 1.5132/1.5157.

Rallies appear to be limited and if we see 1.5050/75 again I would be tempted to use it as an opportunity to get short, with a SL placed above 1.5100. The indicators all appear to be lining up for a move lower.

Economic data highlights will include:

UK Retail Sales.

Meta Trader – AxiTrader GBP/USD: 4 HourGbp

 

The post GBPUSD: Cable back at 1.5000 after a quick dip to 1.4970; lower levels ahead. UK R/S later. appeared first on FX Charts Daily.

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