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GrowthAces.com is an independent macroeconomic research consultancy for traders. We offer you daily forex analysis with forex trading signals. The service covers forex forecasts and signals for following currencies: EUR, USD, GBP, JPY, CAD, CHF, AUD, NZD as well as emerging markets. Our... More
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  • GBP/USD Hit By FOMC Minutes And Weak Retail Sales Data 0 comments
    Aug 21, 2014 8:01 AM
    • The GBP appreciated yesterday after minutes from the Bank of England's own last policy meeting showed the first dissenting votes on its policy committee for a rise in interest rates. However, hawkish message from the Fed sent the USD higher across the board.
    • Weaker-than-expected retail sales data released today added to the pressure on the GBP. Retail sales grew in July at a weaker pace than expected (0.1% mom and 2.6% yoy vs. market consensus of 0.4% mom). The Office for National Statistics saidtwo out of the four main retail sectors (non-store retailing and non-food stores) had seen an increase in the quantity bought (volume). The largest contribution came from the non-food stores sector. The negative contribution was recorded in food and fuels.

    • We see that retail sales data excluding food and fuels are not that bad and still solid consumption of durable goods is a good sign. Despite hawkish BoE's minutes yesterday we do not see three more members of the council voting for a rise in rates in November. However, the nearest macroeconomic data will be of key importance regarding further monetary policy.
    • At GrowthAces.com we used current GBP/USD levels to go long. We are long at 1.6580 with the target of 1.6710 and stop-loss at 1.6535.

    Significant technical analysis' levels:
    Resistance: 1.6599 (hourly high Aug 21), 1.6680 (200-dma), 1.6695 (10-dma)
    Support: 1.6555 (low Apr 4), 1.6460 (low Mar 24), 1.6453 (38.2% 1.5854-1.6823)

    GROWTHACES.COM TRADING POSITIONS:

    • USD/CAD: long at 1.0905, target 1.1070, stop-loss 1.0925 (we have moved the stop-loss from 1.0840 previously)
    • GBP/USD: long at 1.6580, target 1.6710, stop-loss 1.6535

    ECONOMIC CALENDAR
    (click to enlarge)

    GrowthAces.com is an independent macroeconomic research consultancy for traders. We offer you daily forex analysis with forex trading signals. The service covers forex forecasts and signals for following currencies: EUR, USD, GBP, JPY, CAD, CHF, AUD, NZD as well as emerging markets. Our subscribers should expect to receive: forex trading strategies, latest price changes, support and resistance levels, buy and sell forex signals and early heads-up about the potential fx trading opportunities. GrowthAces.com offers also daily macroeconomic fundamental analysis that enables you to see fundamental changes on forex market. We provide in-depth analysis of economic indicators resulting from knowledge, experience, advanced statistics and cutting-edge quantitative tools.

    We encourage you to subscribe to our daily forex newsletter on http://growthaces.com to get daily analysis for forex traders. We intend that our consultancy should help you make better decisions. At GrowthAces.com we give our best to you - always greatest quality, usefulness and profitability.

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