GBPUSD has recovered sharply more than 100 pips from intraday low of 1.26080 after upbeat UK retail sales data. UK retail sales data came 1.4% higher than forecast of 0.3%.BOE has kept its interest rates unchanged and said that Brexit uncertainty has increased in past one month. They have lowered its quarterly economic growth forecast in the last three months of 2018 to 0.2% from 0.3%. The pair hits high of 1.27066 and is currently trading around 1.26755.
On the higher side major resistance is around 1.27200 and any break above confirms minor bullishness and a jump till 1.2765/1.2835 is possible.
The support is around 1.2660 and any violation below targets 1.2600/1.2500 level.
It is good to sell on rallies around 1.2675-78 with SL around 1.2725 for the TP of 1.2600/1.2555.
