HomeContributorsTechnical AnalysisGBPUSD Traders Await UK Retail Sales Data

GBPUSD Traders Await UK Retail Sales Data

The British pound is trying to recover bullish momentum against the US dollar after price suddenly dipped below the 1.3100 level over negative Brexit headlines on Wednesday. Expectations for UK retail sales are tilted to the downside as UK consumer spending starts to normalize after the World Cup and hot summer. Buyers need to break to reclaim the 1.3205 level while sellers need hold price below the 1.3100 support level.

The GBPUSD pair is only intraday bullish while trading above the 1.3140 level, key resistance is found at the 1.3212 and 1.3255 levels.

If the GBPUSD pair moves below the 1.3100 level, key support is found at the 1.3060 and 1.3000 levels.

Octa (formerly OctaFX) is an international broker that has been providing online trading services worldwide since 2011. It offers commission-free access to financial markets and a variety of services already utilised by clients from 180 countries with more than 40 million trading accounts.

Featured Analysis

Learn Forex Trading