GBP/USD retreated further to start the week, but found support just above 1.6850 during the 5/5 US session.
Resistance:
The 1H chart shows a market that has been bullish, but found resistance at 1.6913 last week. This is the 2014-high.
This week, the first global session high is at 1.6882. This will be a key resistance in the near-term.
Above the 2014-high, the 1.70-1.7040 area contains key multi-year highs…

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UK Retail sales in March rose 1.0% on the month. This beat forecasts of a -0.4% reading, though it was lower than the 1.3% reading for February (this was revised down from 1.7%). The month-over-month readings have been fluctuating. However, the year-over-year readings have been positive every month for almost a year now, and the last 4 month’s readings have been stronger, a good sign for the economic recover so far in Q1 of 2014. Scenarios: A bullish market provide support in the 1.6790-1.68 area to challenge the 2014-high. A bearish or neutral market however should…

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The unemployment rate in the UK for the Dec 2013-February 2014 months was 6.9%, down from the 7.2% for the previous 3 months. This beat economists’ forecasts which was around 7.2% according to forexfactory.com. The 6.9% jobless rate is the lowest in exactly 5 years, since 6.7% was reported in April of 2009 for the Dec. 2008-Jan. 2009 period. The positive surprise for the UK economy sent the GBP soaring, though it was already pivoting towards a bullish continuation in the GBP/USD and GBP/JPY pairs…

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