The British pound has recovered upside momentum against the US dollar, but is still struggling to make solid gains above the key 1.3420 level in early Thursday trading. The GBPUSD pair currently trades around the 1.3388 level, after finding support from the 1.3307 level on Wednesday. Sterling traders now look to the release of key Retail Sales figures from the United Kingdom economy.

The GBPUSD pair is only bullish while trading above the 1.3420 level, key technical resistance is now located at the 1.3450 and 1.3471 levels.

If the GBPUSD pair fails to move above 1.3420 level, sellers may test back towards the 1.3341 and 1.3306 support levels.

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