GBP/USD analysis: Pound keeps losing ground, hurt by data, Carney

Valeria Bednarik FXStreet

GBP/USD Current price: 1.4080

UK Retail Sales fell in March, even below a sour forecast.
BOE's Carney said that Brexit uncertainty could delay interest rate rise.

The GBP/USD pair is down for a third consecutive day, with the Pound hurt by another batch of soft UK data. The pair reached a fresh weekly low of 1.4160 after the release of UK Retail Sales, which fell 1.2% MoM vs. an expected 0.5% decline. Yearly basis, sales grew just 1.1%, against the 2.0% expected, while the figures excluding volatile fuel components, were also below the expected ones. The decline was attributed to the unusual bad weather, that kept shoppers at home during the month. The pair attempted a recovery, but stalled at 1.4245 and resumed its decline in the US afternoon, breaking below 1.4100 on comments from Governor Carney, who among other things, said that Brexit uncertainty could delay interest rate hikes. In the meantime, the pair pierced the 61.8% retracement of its latest bullish run, now offering an immediate resistance at 1.4120, while struggling around a bullish 200 EMA, in the 4 hours chart, usually a strong dynamic support/resistance, technical indicators in the mentioned chart head sharply lower, entering oversold territory, with further declines seen extending down to the psychological 1.4000 threshold.

Support levels: 1.4070 1.4035 1.4000

Resistance levels: 1.4120 1.4165 1.4205

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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