GBP/USD: consolidating gains, scope to test 1.3200

Valeria Bednarik FXStreet

GBP/USD Current price: 1.3143

The GBP/USD pair consolidates its gains this Thursday, confined to a tight 40 pips range below 1.3158, a fresh high for this year posted during the past Asian session. The UK CBI's Distributive Trades survey showed a strong growth in retail sales in July, with volumes up from a year earlier by 22%, more than doubling market's expectations of 10% and well above June's 12%. Also, the UK Immigration minister, Lewis, said earlier today that freedom of movement of workers between Britain and the European Union will end when Britain withdraws from the bloc, but his words have a limited effect on the Pound. From a technical point of view, the pair maintains its positive tone, as technical indicators are barely correcting overbought conditions, whilst the 20 SMMA turned bullish well below the current level, supporting an extension towards 1.3200 and beyond, on a break above the mentioned daily high. Further slides could be expected below 1.3090, but given broad dollar's weakness, the movement will likely be shallow.

Support levels: 1.3090 1.3050 1.3010

Resistance levels: 1.3160 1.3200 1.3235

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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