Although UK retail sales came better than expected (actual:
- -5.1%;
United Kingdom Retail Sales:
The GBP/USD pair failed to consolidate below 1.1950. As a result, selling volumes decreased, the downtrend slowed, and the price rebounded.
The RSI technical indicator is moving near line 50 in the 4-hour time frame. If the price settles above this line, buying volumes may increase.
Despite the current rebound, the Alligator's moving averages are headed down in the 4-hour time frame. Although that might be a residual technical signal.
Despite a breakout through the support level of 1.2000, the sellers are still facing pressure from the barrier. Let's assume that the current rebound and the sideways movement trigger an accumulation. In such a case, that may cause price swings.
Targets are seen at 1.1950 and 1.2050. These marks are highly likely to become the starting point for speculators. The quote should consolidate beyond either of the levels intraday.
In terms of complex indicator analysis, there is a mixed signal for short-term trading on the back of a flat market as well as a buy signal for intraday trading.