GBP/USD Reverses UK Data-led Slide, Jumps Above 1.4360
Fresh bids emerged right at 1.43 handle, allowing the bulls to embark
upon a solid 50-pips recovery mode in the last hour amid broad
commodities rally.
GBP/USD supported at 1.4300
The
GBP/USD pair trades 0.22% to fresh session highs at 1.4366, having
reversed a dip to 1.4300 levels, daily lows. The cable shrugged-off
dismal UK retail sales figures and caught fresh bids once again, taking
the prices higher towards the familiar range around 1.4350 levels.
The
UK's retail sales for March dropped sharply to -1.3% m/m, down from
-0.5% booked in February. The yearly print decelerated from 3.6% to
2.7%.
The major recouped losses and rebounded higher, as higher
commodities’ prices continue to support the risk currency GBP. Next in
focus remains the ECB policy outcome, as any impact on the EUR/USD pair
is expected to have a ‘rub-off’ effect on the cable.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.4375 (100-DMA), above which 1.4400 (psychological levels) would be tested. On the flip side, support is seen at 1.4307/00 (5-DMA/ round figure) below that at 1.4260 (10-DMA).
