The British Pound is recovering the lost ground following the release of up beating UK Retail Sales data that surged 1.2% monthly basis in April and 4.7% in the same month, but compared to a year before.
The GBP/USD pair advanced to post a daily high of 1.5666, and trades a few pips below the level, with the 4 hours chart showing that the price surged above its 20 SMA and above the 23.6% retracement of the 1.5088/1.5814 rally at 1.5640, whilst the technical indicators are crossing their mid-lines towards the upside, with a strong upward momentum, supporting additional advances. The latest downward corrective movement in the pair has bottomed at the 50% retracement of the same rally, which supports higher highs in the pair for the days to come. Short term, the immediate resistance stands at 1.5675, with a price acceleration above it, supporting an upward continuation towards the 1.5730 price zone.
To the downside, the pair can retreat down to 1.5590 without affecting the bullish trend, although if the price falls below this last level, it can fall back to the 1.5540 region, 38.2% retracement of the same rally.
View live chart of the GBP/USD
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