FxWirePro: GBP/USD downtrend loses steam but outlook still bearish

• GBP/USD edged higher  as investors digested UK retail sales data and monitored oil prices and escalating hostilities in the Middle East.

• U.S. missiles struck targets across Iran, reaching as far as the Caspian coast, after President Donald Trump vowed "major military punishment" against Iran and its Houthi allies in Yemen for expanding the Middle East conflict..

• British retail sales unexpectedly rose in June, adding to signs of stronger economic activity as warm weather and the FIFA World Cup boosted consumer spending..

• Prime Minister Andy Burnham has pledged fiscal discipline and signalled a new economic model, but investors remain cautious as they await greater clarity on the government's policy plans.

• With geopolitical tensions and domestic uncertainties persisting, the near-term outlook for sterling remains tilted to the downside.

•   Immediate resistance is located at 1.3366(SMA 20), any close above will push the pair towards 1.3395(50%fib)

•  Strong support is seen at 1.3287(38.2%fib) and break below could take the pair towards 1.3241(Lower BB).

  Recommendation: Good to sell  around 1.3360, with stop loss of 1.3470 and target price of 1.3310