GBPUSD Outlook: Consolidates above new multi-month low; UK retail sales eyed for fresh signals
|GBPUSD
Cable trades within narrow consolidation on Thursday, holding above Wednesday's new low at 1.3305 (the lowest since mid-Dec), awaiting release of UK retail sales for fresh signal. Pullback from 1.4376 peak could extend further as strong bearish signal was generated on break below 1.3442 pivot (Fibo 38.2% of 1.1930/1.4376 recovery phase), as violation of top of thick weekly cloud 1.3205) would generate fresh bearish signal. Better than expected UK retail sales (Apr 0.8% f/c vs -1.2% prev) could spark stronger recovery for test of pivotal barrier at 1.3464 (falling 10SMA). Weaker dollar and positive signal from rising momentum support the notion, but overall outlook remains bearish.
Res: 1.3380; 1.3451; 1.3464; 1.3491
Sup: 1.3339; 1.3305; 1.3250; 1.3205
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