Sterling Traders are on the sidelines in early Europe since it is a data heavy/event heavy day for GBP, leaving the GBP/USD pair largely unchanged on the day around 1.4330 levels. Eyes UK retail sales & EU meeting outcome Markets expect UK retail sales to show spending ticked higher in January. Advance indicators like BRC retail spending have already shown a sharp rise in spending despite gloomy financial market and economic outlook. The data would be followed by all important EU meeting on UK membership, whose outcome could decide the fate of the UK’s membership ahead of the referendum. The bid tone around GBP could gather pace if the outcome is pro-EU. GBP/USD Technical Levels The immediate resistance is seen at 1.4369 (5-DMA), above which the spot could test 1.4443 (38.2% of 1.4079-1.4668). On the other hand, a break below 1.43 would open doors for a drop to 1.4235 (Feb 17 low). For more information, read our latest forex news.