GBPUSD extends pullback below 1.3000; UK retail sales in focus
|Cable remains in red for the fourth straight day and probes below psychological 1.3000 support, weighed by weak CPI numbers earlier this week. Room for deeper pullback exists with close below pivotal 1.3000 support zone to generate bearish signal. Next solid support lies at 1.2968 (daily Tenkan-sen), followed by 1.2931 pivot (Fibo 61.8% of 1.2811/1.3125/rising 20SMA). UK retail sales for June are in focus (m/m 0.4% forecast vs -1.2% previous month/y/y 2.5% forecast vs 0.9% in May) and may offer fresh support on release at/above consensus. Regain of levels above 1.3050 would generate bullish signal and turn near-term focus higher.
Res: 1.3038; 1.3055; 1.3071; 1.3100
Sup: 1.2968; 1.2931; 1.2886; 1.2857
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