FxWirePro: GBP/USD declines slightly after weaker UK retail sales, good to sell on rallies
Cable has shown a further decline after UK retail sales data. Britain’s retail sales came at much lesser than expected. According to official figure, total sales across the retail sector declined by 0.8% compared to -0.1…
Cable has shown a further decline after UK retail sales data. Britain’s retail sales came at much lesser than expected. According to official figure, total sales across the retail sector declined by 0.8% compared to -0.1%. Pound sterling hits intraday low of 1.3312 and is currently trading around 1.31569.
The near term major resistance is around 1.3229 (55-4 H EMA) and any break above will take the pair to next level till 1.3300/1.3325 (20- day MA)/1.3400. The minor resistance is around 1.3180.
On the lower side, 1.3120 (Oct 12th low) will be acting as major support and any break below will drag the pair down till 1.30750/1.30270 level. Bearish continuation can be seen only below 1.3030.
It is good to sell on rallies around 1.3175-80 with SL around 1.3230 for the TP of 1.3075/1.3030.
