FxWirePro: GBP/USD neutral in the near-term, scope for downward resumption
GBP/USD declined on Friday as sterling was weighted down after as weaker than expected UK retail sales pressured the currency recently buoyed by British Prime Minister Theresa May's decision to call an early general elec…
GBP/USD declined on Friday as sterling was weighted down after as weaker than expected UK retail sales pressured the currency recently buoyed by British Prime Minister Theresa May's decision to call an early general election.
British retail sales posted the biggest quarterly fall in seven years during the first three months of 2017, as rising prices since last year's Brexit vote started to pressure consumers.
Retail sales volumes contracted 1.4 percent in the first quarter following a 0.8 percent rise in the last three months of 2016, the Office for National Statistics said on Friday.
Currently, the currency pair is trading at 1.2793 levels, it is set to decline further towards 1.2750 and later 1.2730 levels in the short term.
To the upside, immediate resistance can be seen at 1.2796, a break above this level would expose the cable to next resistance level at 1.2844 levels.
To the downside strong support can be seen at 1.2749, a break below at this level will open the door towards next level at 1.2700.
