The British Pound is recovering some ground against its American rival, following better than expected UK Retail Sales, up 1.6% monthly basis and to 6.4%YoY, while core readings also surged sharply.
Having established a fresh low for the year at 1.5539, 1 pip below previous one, the 4 hours chart for the pair shows that the price is pressuring the base of the daily ascendant trend line broken yesterday around 1.5640 today. Indicators in the mentioned time frame head higher from oversold levels but lose upward potential below their midlines, while 20 SMA maintains a strong bearish slope above current price around 1.5675. Further advances above the mentioned 1.5640 level may see the pair extending up to 1.5670/90 price zone, but selling interest will likely surge around the 1.5700 figure.
The immediate support is 1.5590, and it will take a break below it to confirm a downward extension, eyeing then the mentioned year low around 1.5540.
View Live Chart for GBP/USD
Having established a fresh low for the year at 1.5539, 1 pip below previous one, the 4 hours chart for the pair shows that the price is pressuring the base of the daily ascendant trend line broken yesterday around 1.5640 today. Indicators in the mentioned time frame head higher from oversold levels but lose upward potential below their midlines, while 20 SMA maintains a strong bearish slope above current price around 1.5675. Further advances above the mentioned 1.5640 level may see the pair extending up to 1.5670/90 price zone, but selling interest will likely surge around the 1.5700 figure.
The immediate support is 1.5590, and it will take a break below it to confirm a downward extension, eyeing then the mentioned year low around 1.5540.
View Live Chart for GBP/USD
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