FxWirePro: GBP/USD intraday upside momentum strong after UK retail sales beats forecasts
GBP/USD rose on Thursday as sterling was boosted after British retail sales growth topped forecasts, easing concerns about the broader outlook for the economy this year. Retail sales volumes rose 2.3 percent on the month…
GBP/USD rose on Thursday as sterling was boosted after British retail sales growth topped forecasts, easing concerns about the broader outlook for the economy this year.
Retail sales volumes rose 2.3 percent on the month in April - beating economists' average forecast of a 1.0 percent rise - and turning back a 1.4 percent fall in March, official data showed.
The pound, trading at $1.3024, rose to hit daily high at $1.3046, its highest level since Sept. 29.
The ongoing upside is set to continue for this pair as the support level at 1.2934 is likely to act as strong barrier to the bears in the short term.
To the upside, strong resistance can be seen at 1.3050, a break above this level would expose the cable to next resistance level at 1.3100 levels.
To the downside immediate support can be seen at 1.2994, a break below at this level will open the door towards next level at 1.2934.
