FxWirePro: GBP/USD retraces from fresh session highs at 1.5372, focus on U.S PPI and retail sales

UK jobs report reflected mixed results with the monthly wages coming in below estimates, but the data was read as net-GBP positive.

• Cable spiked towards the 1.54 barrier, but gains capped at 1.5372, strong resistance seen in the region
   
• Daily momentum is marginally positive, however, giving bulls hope of a recovery
   
• GBP/USD is currently trading at 1.5358, immediate resistance is located at 1.5388 (Daily High Oct 13) and support at 1.5300 (Psychological Level, Oct 9 low)
   
• US advance retail sales and PPI data are expected to remain the main drivers in markets
   

 

Resistance Levels:
R1: 1.5388 (Daily High Oct 13)

R2: 1.5398 (Daily Cloud Base)

R3: 1.5400 (Psychological Level)

Support Levels:

S1: 1.5300 (Psychological Level, Oct 9 low)

S2: 1.5262 (Oct 8 low)

S3: 1.5250 (Session Low Oct 14)