19, February 2013

GBP/USD (a 4-hour chart)

GBP/USD (a 4-hour chart)

Investors' hopes for a good volume of retail sales in January were not justified. Sales declined by 0.6% against the forecast of growth of 0.5%. Moreover, data for December were revised down: from -0.1% to -0.3%. On data pound has fallen by 60 points, but was soon bought out and closed the day up 23 points.

Buying of assets against the news is a sign of a reversal or significant correction. Also, full-time and four-hour charts leading oscillator Marlin upwards.

British pound managed to hold above 1.5460 (new 6-month low), despite the worse than expected retail sales in the UK and, after a period of consolidation of the couple can head above 1.5500/40 zone.

The news we should expect today:

JPY Merchandise Trade Balance Total (Yen)
JPY Leading Index
RBA Policy Meeting - February Minutes
EUR Euro-Zone ZEW Survey (Economic Sentiment)
EUR German ZEW Survey (Economic Sentiment)