GBP/USD hit 1.5951 during European morning trade, the session low; the pair subsequently consolidated at 1.6002, easing 0.11%.The pound was almost unchanged against the U.S. dollar on Thursday, still hovering close to an 11- month low as the greenback recovered from the previous day’s sharp losses due to weak U.S. economic reports.Cable was likely to find support at 1.5873, Wednesday’s low and an 11-month low and resistance at 1.6103, the high of October 14.Official data showed that U.S. retail sales fell 0.3% last month, more than the expected 0.1% slip, while core retail sales, which exclude automobiles, dropped 0.2% in September, confounding expectations for a 0.3% gain.
INTRADAY OUTLOOK
Support:1.5955
Resistance: 1.6021
RECOMMENDATION:
1. Buy GBP/USD Above 1.6022-TG:1.6042/1.6072 SL 1.5992
2. Sell GBP/USD Below 1.5954-TG:1.5934/1.5904 SL 1.5984
INTRADAY OUTLOOK
Immediate Support:1.2716
Immediate Resistance: 1.2780
RECOMMENDATION:
1. Buy EUR/USD Above 1.2781-TG:1.2801/1.2831 SL 1.2751
2. Sell EUR/USD Below 1.2716-TG:1.2696/1.2666 SL 1.2746
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