By
GCI Financial |
Technical Analysis | Aug 19, 2011 06:04AM GMT |
In the UK, the retail sales increased 0.2% (M-o-M) in July, against the market expectation of 0.3% rise in July. Additionally, on a monthly basis, the retail sales excluding automotive fuel rose 0.2% in July, following a 1.0% increase recorded in June.
The pair opened the Asian session at 1.6492, and is trading at 1.6491 at 3.00GMT. The pair is trading flat from yesterday’s close at 23:00 GMT.
The pair has its first short term resistance at 1.6559, followed by the next resistance at 1.6626. The first support is at 1.6421, with the subsequent support at 1.6350.
Trading trends in the pair today are expected to be determined by data release on public sector net borrowing in the UK.
Please see the attached chart below...
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