Sasha Singh
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GBPUSD : Gains Capped Due to Ukraine Crisis

Market is now again concerned about the tensions between Russia and Ukraine after Ukraine forces killed almost 5 pro-Moscow rebels yesterday. Russia in return launched army drill near the border which again raise the concern that Russian troops will invade Ukraine. GBP strengthened a little against US Dollar after the release of the upbeat Retail Sales Data. According to the data, U.K. retail sales rose .1% in March beating the economist’s expectation for a .4% fall.

On the hourly chart, GBPUSD surged a little after the report however the gains were capped by the Ukraine tensions. The pair declined finding resistance at 1.6819 and might decline until it find support from the rising support trend line.

On the 4 hour chart, the pair clearly shows that it is consolidating within an ascending triangle giving bullish signal. Breaking the key resistance level at 1.6836 will confirm the bullish trend. However breaking below the rising support trend line might signal some reversal in uptrend.