GBP/USD rose over 100 pips from daily lows also propelled by better-than-expected UK retail sales, and recently reached a high of 1.5742. At time of writing, the pair is quoting at the 1.5735/40 zone, scoring a gain of 0.4% since the Asian opening.
From a technical view, "the hourly chart shows a strong upward momentum, as well as the 4 hours one supporting the continuation rally", Valeria Bednarik, chief analyst at FXstreet.com recently commented. "20 SMA in the 4 hours chart stands at 1.5690 giving now support in case of retracements, and losses below that level seem quite limited at the time being".
Next resistances are seen at 1.5770 and 1.5810, while immediate supports could be found at 1.5690 and 1.5655, according to the analyst.