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GBP/USD dragged to session low at 1.5605 after UK Retail Sales came in below forecasts, rose a meagre 0.1% from June and 4.2% y/y
- The upward revision to the previous month's print failed to have any positive impact
- Immediate support is located at 1.56 handle, 30 DMA was the platform for the rebound on Tuesday, today located at 1.5588, another major support
- GBP/USD is currently trading at 1.5616, breach 30 DMA could extended losses to 1.5550 (50% of June rally)
- On the other hand, resistance is located at 1.5639 (38.2% of June rally) and 1.5690 levels
- U.S. Initial Jobless Claims and Philly Fed survey will be in focus for further direction
Resistance Levels:
R1: 1.5639 (38.2% of June rally)
R2: 1.5646 (100 HMA)
R3: 1.5701 (Daily High Aug 19)
Support Levels:
S1: 1.56 (Psychological Level)
S2: 1.5588 (30 DMA)
S3: 1.5563 (Daily Low Aug 18)
