GBP/USD Off Highs, Back below 1.46 ahead of UK Data
The Sterling is now giving away part of yesterday’s strong gains, prompting GBP/USD to retreat to sub-1.4600 levels.
GBP/USD focus on UK’s docket
The pair has clinches fresh 2-week highs beyond the 1.4600 handle on Wednesday following results from UK Referendum polls showing the ‘Remain’ vote keeps the lead, boosting the demand for GBP and triggering stops above 1.4500.
Today’s UK docket sees Retail Sales gaining 0.5% on a monthly basis in April, reverting the previous 1.3% drop. Across the Atlantic, Initial Claims and the Philly Fed Manufacturing index are due followed by the speech by FOMC’s Dudley.
GBP/USD levels to consider
As of writing the pair is retreating 0.14% at 1.4579 facing the immediate hurdle at 1.4635 (high May 18) ahead of 1.4670 (high Feb.4) and then 1.4770 (high May 3). On the other hand, a breakdown of 1.4500 (20-day sma) would aim for 1.4330 (low May 16) and finally 1.4088 (low Apr.14).