The GBPUSD rose on strong U.K Retail Sales data, the report showed that retail sales increased by 1.0% in August from the previous month, compared 0.6%  a month earlier which was revised from an initial 0.3% increase. Analysts had expected August’s reading to increase by just 0.2%.

The U.K data was not strong enough to push the pair beyond 1.3616 levels, so a consolidation within 1.3616/1.3465 levels is likely before the next move…

Above 1.3616 will restore the upside momentum and pave the way to the 1.3660 levels ahead of 1.3700 levels, further upside, resistance stands at the 1.3825 levels.

On the downside, below 1.3465 levels will aim the 1.3370 levels, a halt is likely and it may turn higher from here, but if this fails to occur, expect the pair to drop further towards the 1.3200/1.3145 levels.

DONT MISS: The U.S will report on Existing Home Sales today at 14:00 GMT. The U.S Federal Reserve will publish the minutes of its latest monetary policy meeting today at 18:00 GMT.



Further Reading