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GBPUSD : Bearish Trend Remain Intact

GBPUSD : 4 Hour Chart

GBPUSD following a sideways pattern now and currently rising towards the resistance at 1.5723 after the jobless claims data from US released missing the economist’s expectations. The official data showed that the number of individuals filling for initial jobless benefits in the week ending November 15 declined by 2K to 291K missing the economist’s expectation for a decline to 286K by 7K. A separate report showed that the U.S. consumer prices were flat last month better than the economist’s estimate for a decline of .1% and after a gain of .1% in September. The demand for US dollar remain supported by the Fed’s belief of strong economic recovery. On the other hand British pound seems little supported after the release of upbeat U.K. retail data.

The pair will remain below the resistance at 1.5723 as there is another resistance at 50 day SMA which will again prevent the pair in rising further. The gains are limited as there is a falling resistance trend line also signaling a downtrend continuation. According to the bearish trend, the pair will decline below the key support at 1.5590.