GBPUSD has halted its weakness after a huge sell off. The pair has lost more than 1700 pips from the high of 1.43767 made on Apr 2018. The decline was mainly due to Brexit uncertainty. Cable hits low of 1.26616 and shown a minor recovery from that level. It has jumped till 1.27327 after release of better than expected UK retail sales.
UK retail sales came at 0.7% much more than expected for the month of Jul. Analyst forecast 0.2% after a huge slump of 0.5% in the month of Jun. The positive economic data doesnt have much impact of Cable.
Technically , near term resistance is around 1.2753 (5- day MA) and any break above targets 1.2800/1.2830.
The major support is around 1.2660 and any violation below targets 1.2600/1.2500.
It is good to sell on rallies around 1.2735-40 with 1.2770 for the TP of 1.2660/1.2600.
