The GBP declined significantly against the US Dollar Index yesterday after the release of the U.S Federal Reserve meeting which showed a clear confidence in the US economy as well as the improvement of the labor market, despite the postponement of raising interest rates to the middle of next year.
Today the investors are waiting for release of the U.S Retail sales data sales and the Philadelphia Fed Manufacturing Index in U.S.
The GBP/USD has corrected the first wave by 50 % which confirms that the second wave may reach the Fibonacci level 200 % around $1.5504. the prices have also succeeded to break below the Ascending Pennant and confirms further decline of the prices toward $1.5530, then $1.5504 . However, this decline is just a coercion step due the release of the economic data, which may represent good opportunities to enter by positions on the Bottoms. And as we have mentioned before the general trend of the GBP/USD would remain bullish confirms by the formation of the Ascending Wedge. 
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GBP/USD Down Ahead Of The U.K Retail Sales Data
Published 12/18/2014, 04:30 AM
Updated 05/14/2017, 06:45 AM
GBP/USD Down Ahead Of The U.K Retail Sales Data
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