Market is in standby mode this Monday, as Pound barely reacted to its latest news that shown Retail Sales in the UK rose for the first time in five months. Earlier data showing lending to small firms hit record highs, while mortgage approvals fell, also so a mute reaction, with the GBP/USD trading in a tight 1.5350/1.5420 range since last Friday. Technically flat, indicators are slightly bullish right above their midlines and price finding support in its 20 SMA, suggesting the upside remains favored, with a breach of 1.5420 signaling an upward continuation towards the 1.5450/60 price zone.
Below 1.5350, a short term bearish correction may see the pair falling down to 1.5290/1.5310 area, although buyers are expected to surge and around that area and trigger a bounce back higher.
View Live Chart for GBP/USD
Below 1.5350, a short term bearish correction may see the pair falling down to 1.5290/1.5310 area, although buyers are expected to surge and around that area and trigger a bounce back higher.
View Live Chart for GBP/USD
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