GBP/USD Near 1.4650 Post-UK Data

GBP/USD Near 1.4650 Post-UK Data

19 May 2016, 11:10
Roberto Jacobs

GBP/USD Near 1.4650 Post-UK Data

The Sterling has regained the 1.4600 handle and above vs. the greenback today, now pushing GBP/USD to the vicinity of 1.4650.

GBP/USD higher on data

After a brief test of session lows near 1.4560, spot is up over a cent in response to auspicious results from UK’s retail sales, expanding 1.3% on a monthly basis vs. 0.5% estimated. Core sales have followed suit, up 1.5% MoM vs. 0.6% forecasted.

GBP remains on a firm note backed by latest poll results showing the ‘Remain’ vote would be widening its gap vs. the ‘Leave’ option in the upcoming UK referendum on June 23.

GBP/USD levels to consider

As of writing the pair is gaining 0.32% at 1.4646 facing the immediate hurdle at 1.4670 (high Feb.4) followed by 1.4770 (high May 3) and them 14815 (2016 high Jan.4). 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).


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