GBP/USD analysis: holding at highs, but more gains not clear

Valeria Bednarik FXStreet

GBP/USD Current price: 1.2524

The GBP/USD pair managed to advance up to 1.2530, ending the day a few pips below the level as the Pound found support on strong February Retail Sales data. Sales rose by 1.4% in the month, while compared to a year earlier, sales jumped 3.7%, well above the 2.6% or the previous revised 1.0%. Excluding fuel, sales rose 1.3% MoM, following two months of decline, taking the year-on-year rate to 4.1%. The CBI survey released later in the day, showed that sales volumes grew at a steady pace in the year to March, and slightly faster than expected, with 44% of retailers saying that sales volumes were up on a year ago, whilst 35% said they were down, giving a balance of +9%, above the 5% expected but matching previous month's reading. The pair maintains its positive tone, although the intraday advance stalled a few pips below a major resistance, the 23.6% retracement of the January's rally at 1.2540, now the level to surpass to confirm additional gains. In the 4 hours chart the price is well above a bullish 20 SMA, but technical indicators are retreating from overbought levels, reaffirming the case for the need of a bullish breakout of the mentioned Fibonacci resistance before considering going long.

Support levels: 1.2500 1.2460 1.2425

Resistance levels: 1.2540 1.2585 1.2620

View Live Chart for the GBP/USD

Author

Valeria Bednarik

FXStreet

Valeria Bednarik was born and lives in Buenos Aires, Argentina. Her passion for math and numbers pushed her into studying economics in her younger years.

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