GBP/USD Challenges 1.4300 on Poor UK Data
The sterling has come under renewed selling pressure, relegating GBP/USD to trade in the proximity of the 1.4300 key support.
GBP/USD weaker post-UK releases
The
pair has intensified its daily decline after miserable prints from UK’s
Retail Sales during March. In fact, headline sales have contracted 1.3%
MoM while core sales have dropped 1.6%, both prints coming in below
initial estimates.
Further data saw Public Sector Net Borrowing
has come at £4.16 billion during the same period, down from February’s
£6.33 billion.
Ahead in the session, risk trends and the US
docket will take centre stage, as Initial Claims and the Philly Fed
Manufacturing index are both due later.
GBP/USD levels to consider
As
of writing the pair is down 0.19% at 1.4306 and a breakdown of 1.4249
(55-day sma) would open the door to 1.4092 (38.2% Fibo of 1.3833-1.4517)
and then 1.4004 (low Apr.6). On the other hand, the next up barrier
aligns at 1.4420 (high Apr.19) ahead of 1.4436 (100-day sma) and finally
1.4460 (high Mar.30).
