GBP/USD: Daily Technical Analysis for June 13, 2014

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The GBP gained strength over all its rivals during the close of the previous day trading session after Gov Mike Carney said the Bank of England could raise interest rates from a record low earlier than investors expect as he expressed concern that mounting debt related to the housing market could undermine stability. “There’s already great speculation about the exact timing of the first rate hike and this decision is becoming more balanced,” the BOE governor said in a speech at the Mansion House in London today. “It could happen sooner than markets currently expect.” The pound strengthened after the remarks.


Elsewhere, The Commerce Department reported earlier that U.S. retail sales rose 0.3% in May, missing expectations for a 0.6% gain. However, retail sales for April were revised up to a 0.5% gain from a previously reported increase of 0.1%.Core retail sales, which exclude automobile sales, eased up 0.1% in May, disappointing forecasts for a 0.2% increase. Core sales in April were revised up to 0.4% from a previously reported flat reading.Separately, the Labor Department reported that the number of individuals filing for initial jobless benefits in the week ending June 7 increased by 4,000 to 317,000, confounding expectations for a decline of 3,000, though markets largely shrugged off the report.


Fundamentally we have a strong Great Britain Pound and a weak U.S dollar. Intra-day bias remains on the upside as Exponential Moving Averages 21 and 55 are crossed to the upside on the 1 hour and 4 hours time-frame. We also have MACD and SSRC oscillators showing a bullish continuation on both time-frames, so i expect further rise to 1.7000 psychological zones.

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