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GBP/USD retreats to 1.4300 on UK data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 19, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The sterling has abandoned the area of session highs near 1.4340 vs. the dollar, now dragging GBP/USD back to test the 1.4300 neighbourhood post-data.

    GBP/USD around 1.4300 on UK releases

    The pair has quickly faded the spike to the 1.4340 area in spite of the very auspicious results from UK Retail Sales during January, expanding at a monthly pace of 2.3% and 5.2% over the last twelve months. Core sales, excluding the Fuel component, has followed suit, up 2.3% inter-month.

    Further data saw UK’s Public Sector Net Borrowing decreasing to nearly £12 billion during the last month.

    GBP/USD levels to consider

    As of writing the pair is retreating 0.18% at 1.4303 and a break below 1.4200 (psychological level) would aim for 1.4171 (low Jan.26) and then 1.4147 (low Jan.29). On the upside, the next resistance lines up at 1.4403 (20-day sma) followed by 1.4522 (38.2% Fibo of 1.5240-1.4079) and finally 1.4607 (55-day sma).
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