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GBP/USD Tests Major Resistance

The US dollar faltered over lacklustre retail sales in December. The pair continues to capitalise on its bounce from the daily low at 1.1840, recouping most of the losses from the December sell-off. A close above 1.2300 has attracted more momentum and is pushing the cable to its five-week high at 1.2450. A break of which would help the bullish reversal gain traction. As the RSI shows an overbought situation, a drop towards 1.2260 may meet support from short-term trend followers. 1.2160 would be a second level of support.

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