GBP/USD breaks below 1.30 handle ahead of UK retail sales

Haresh Menghani FXStreet

The GBP/USD pair finally broke out of the 50-pips broader trading range and tumbled below the key 1.30 psychological mark to fresh weekly lows.

The pair's sharp fall of over 40-pips to 1.2985 region lacked any obvious triggers but could be attributed to comments from the UK Trade Secretary Liam Fox, while speaking to BBC Radio, that we can survive with no Brexit deal. In absence of any fresh updates coming out of the ongoing Brexit negotiations, Liam's comments seemed to have triggered some pre-emptive 'hard Brexit' move.

The selling pressure seems to have abated for the time being as traders now look forwards to the release of UK monthly retail sales data, expected to post a modest growth of 0.4% as compared to a larger than expected drop of 1.2% in May.

• When are UK retail sales and how could they affect GBP/USD?

Technical levels to watch

Weaker retail sales data could extend the pair’s corrective slide towards 20-day SMA support near 1.2930 region en-route the 1.2900 handle. On the flip side, any up-move might continue to confront fresh supply near mid-1.3000s, above which the pair could aim back towards reclaiming the 1.3100 handle.

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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