GBPUSD Loses Recovery Steam As U.K. Retail Sales Disappoint

Forex- 456878yyu

The U.K. Retail Sales fell – 0.6% as the previous month. Missing forecast of 0.5%. This development puts the GBPUSD under heavy pressure. The pair declined from 1.3117 to 1.3039 levels (so far). The forecast is to consolidate above 1.3030 levels where another rise is expected. To restore the recovery momentum; a daily closing above 1.3083 is needed. If seen it will aim the 1.3135 levels, further upside, resistance comes at the 1.3217 levels.

For today: expected range ( 1.3030/1.3085)…

On the downside, support comes at 1.3030 levels. Below that level aims the 1.2983 levels (main). A cut through 1.2983 will reverse risk to the downside to 1.2930 levels.

In conclusion: The GBPUSD is likely to consolidate within 1.2983/1.3135 levels…

Support: 1.3030, 1.2983, 1.2930, 1.2860

Resistance: 1.3083, 1.3135, 1.3217, 1.3272