Retail clothing sales rose again in the year to March, even though at a slower pace than the month before - but growth next month is expected to rebound strongly, new figures suggest. Expected sales volumes for next month rose to their highest level since December 2010, a survey showed. In the next month Mother's day and Easter falls there. So many retailers see good number of sales growth in April.
Technical view-
GBP/USD has broken and closed above the resistance level. It's a good sign for this pair in the near term. In Asia's trading session, the pair is trading at the level of 1.6582. It is trading between 1.6586-1.65719. In the daily chart, momentum indicators are giving a buy signal. We recommend to buy this pair at 1.6487 for targets at 1.659, yesterday the pair met our targets. But those who want to enter at the current price, this is not the right time to enter. In the hourly chart, the RSI is not favoring to fresh longs at current market price.
Buy above the level of 1.6586 or wait for a correction is advisable. In the weekly chart, momentum indicators are not favoring longs. Sell on rallies is the best strategy for positional traders. After a move below the level of 1.6421, bears will take the pair towards 1.6383 and 1.6252.
Recommendations-
In the daily chart, the pair is trading between 21EMA 1.65859 and 50 SMA 1.65718. Start selling if the pair moves below 1.65718 (red line) for targets at 1.6510, 1.6465. Major crack will take place once the pair breaks below the 1.6465. On the upside if the pair trades above the level of 1.6585, it will fly up to 1.6654 and 1.6718 levels.
The material has been provided by InstaForex Company - www.instaforex.comFor detail explanation and best discovery on market trends you may visit via Fundamental analysis of GBP/USD for March 27, 2014 . Thanks for your support on Fundamental analysis of GBP/USD for March 27, 2014
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