FxwIrePro: GBP/USD trades higher on upbeat UK retail Sales, good to buy on dips
GBP/USD recovered sharply from the yesterday low of 1.34686 on better than expected UK retail sales. The pair jumped till 1.36074 and is currently trading around 1.35570. UK retail sales surged unexpectedly in Aug. Retai…
GBP/USD recovered sharply from the yesterday low of 1.34686 on better than expected UK retail sales. The pair jumped till 1.36074 and is currently trading around 1.35570.
UK retail sales surged unexpectedly in Aug. Retail sales volume grew at 1.0% month-on –month compared to 0.1% expected and jumped to 2.4% Y-O-Y compared to forecast of 1.1% rise. The surge in UK retail sales likely to boost BOE rate hike bets.
On the higher side, near term resistance is around 1.36320 and any break above will take the pair till 1.3700/1.3750.
The near term support is around 1.3500 and any break below will drag the pair down till 1.3450/1.3400. The minor weakness only below 1.3150.
It is good to buy on dips around 1.3500 with SL around 1.34500 for the TP of 1.3615/1.3630.
