FX.co ★ GBP/USD - fractal support at 1.5081 - for May 22, 2013 (daily strategy)

The British pound approaches the psychological level of 1.50, a level that was quoted at the beginning of April. Today it has fallen after the publication of retail sales data in the UK, which offered a decline of 1.3%, compared to a unchanged forecast of analysts. The British currency has been weak since the beginning of the week, with an inflation report with lower than expected figures. Now, according to the line of fractals, this pair is in the level of 1.5081, very strong support. Given that today at the American session the price will be affected by the Minutes of the Fed, the publication is scheduled for 2:00 PM Eastern. This data could take the currency upwards to 1.5333 level. Therefore, we recommend caution and operate at low leverage.

If you need personal consultation, contact me via e-mail: gerardo.porras@analytics.instaforex.com