• GBP/USD recovered ground on after data showed British retail sales unexpectedly rose in September.
• Sales volumes increased by 0.3% in September, beating economists' expectations for a monthly 0.3% fall.
• After the data pair rallied above 1.3000,lift stops finding resistance at 38.2% fib level.
• GBP/USD remains vulnerable, only a break and daily close above 38.6% fib at 1.3065 will shift bias to the upside.
• Technicals are bearish, falling RSI , daily momentum studies 5, 9 and 10 DMAs trending lower.
• Immediate resistance is located at 1.3065 (38.2% fib), any close above will push the pair towards 1.3103 (Oct 15th high).
• Strong support is seen at 1.2975(23.6% fib) and break below could take the pair towards 1.2913 (Lower BB).
Recommendation: Good to sell on around 1.3040, with stop loss of 1.3100 and target price of 1.2950
