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Thursday, April 19, 2007

GBP/USD: Philly Fed Index Awaited, UK Retail Sales Tomorrow

Fresh market-moving influence over GBP/USD may be exerted by the 16:00GMT disclosure of April's Philly Fed index. This is forecast at 2.0, compared to 0.2 in March. Sterling resistance levels include 2.0050, 2.0074 (Tuesday's top), 2.0095 (today's Asian session peak) and 2.0134 (yesterday's 26-year high).

Exotic option barriers are located at 2.0150, 2.0175, 2.0200, 2.0250, 2.0300, 2.0450 and 2.0500+. Support points reside at 1.9986 (early Europe low), 1.9940 (Monday's high), 1.9917 (Jan 23 top) and 1.9882 (Tuesday's low). Tomorrow's key event risk is the 08:30GMT unveiling of UK March retail sales. Forecast: +0.5% m/m, +4.7% y/y.

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