FX.co ★ Technical Analysis of GBP/USD for January 23, 2015

The confederation of British industry reported yesterday the UK factories expect their export orders on a weak note. On the other hand, the USD inches up to new highs after the ECB extends its QE. Today, the focus has shifted to the retail sales survey. We expect a downtick. The cable has strong support at 1.4800. The 20Dsma exists at 1.5231. Until the prices close above it, use every rise to sell. The pair has intraday resistance at 1.5040, 1.5075. and 1.5100. In case if the cable moves towards 1.5075, start selling between 1.5075 and 1.5100, sl to be set at 1.5140. We recommend safe selling below 1.5000 only with the targets at 1.4950 and 1.4800.