Sterling Stalls & Consolidates Gains

<p>GBPUSD, H1</p>
<p>Sterling remains in demand and is consolidating at highs versus most crosses, but has slipped lower against the Dollar. Cable is being driven by the Dollar move in early European trades and a souring of risk appetite again today.  Key US data (Retail sales and Industrial Production) is due before the US session, Cable has turned lower from highs yesterday at <strong>1.2645</strong>, breaching 1.2600 and moving quickly to test <strong>1.2500</strong> as the USD bid gains momentum. The 1.2500 level remains key today, with S2 and the 61.8 Fib level co-located at 1.2445 and then the 200-hour moving average at 1.2408.</p>
<p><a href="https://analysis.hotforex.com/wp-content/uploads/2020/04/2020-04-15_12-46-56.jpg"><img class=" wp-image-123573 aligncenter" src="https://analysis.hotforex.com/wp-content/uploads/2020/04/2020-04-15_12-46-56-300×259.jpg" alt="" width="484" height="418" srcset="/wp-content/uploads/2020/04/2020-04-15_12-46-56-300×259.jpg 300w, /wp-content/uploads/2020/04/2020-04-15_12-46-56-534×462.jpg 534w, /wp-content/uploads/2020/04/2020-04-15_12-46-56-696×601.jpg 696w, /wp-content/uploads/2020/04/2020-04-15_12-46-56-487×420.jpg 487w, /wp-content/uploads/2020/04/2020-04-15_12-46-56.jpg 767w" sizes="(max-width: 484px) 100vw, 484px" /></a> The H4 time frame has just completed a move form April 8 at 1.2372, breaking back below the 9-period EMA at 1.2512 for a 140 pip gain.</p>
<p><a href="https://analysis.hotforex.com/wp-content/uploads/2020/04/2020-04-15_12-53-41.jpg"><img class=" wp-image-123585 aligncenter" src="https://analysis.hotforex.com/wp-content/uploads/2020/04/2020-04-15_12-53-41-300×259.jpg" alt="" width="514" height="443" srcset="/wp-content/uploads/2020/04/2020-04-15_12-53-41-300×259.jpg 300w, /wp-content/uploads/2020/04/2020-04-15_12-53-41-696×601.jpg 696w, /wp-content/uploads/2020/04/2020-04-15_12-53-41-487×420.jpg 487w, /wp-content/uploads/2020/04/2020-04-15_12-53-41.jpg 767w" sizes="(max-width: 514px) 100vw, 514px" /></a></p>
<p>The Daily time frame is into its fourteenth day (170 pip) above the 20-day moving average, and moving down today for the first day in seven having stalled shy of the 200-day moving average yesterday. A breach of <strong>1.2650</strong> will be required to continue the move higher. The Daily ATR from March 27 was 350 pips.</p>
<p><strong>Stuart Cowell</strong></p>
<p><strong>Head Market Analyst</strong></p>
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