GBP/USD catching some bids heading into UK Retail Sales

Sterling on the move upwards ahead of London markets.
UK Sales data at 09:30 GMT.

Joshua Gibson FXStreet

GBP/USD is lifting steadily in Tokyo trading, currently testing the top near 1.4140.

The Sterling continues to benefit from the Greenback's popularity with the bears, coupled with the market's ability to shake off Brexit baggage from barbs being thrown across the Channel between leaders in the UK and the European Union.

GBP/USD may find more room to run during London's Friday market session, if Retail Sales figures for the UK at 09:30 GMT can make an upside beat. While Retail Sales are not a top-tier data release, numbers posting in the green will pair nicely with the Bank of England's recent hinting at interest rate increases coming sooner rather than later if economic growth keeps up. Positive economic data for the kingdom will only further reinforce the approaching interest rate increases coming from the BoE, with some analysts anticipating the first increase to come as soon as May.

GBP/USD Technicals

Intraday support is resting at 1.4103 and 1.4020, while the only resistance left for the rising pair is at the late January swing high of 1.4277. GBP/USD is showing strong bullish potential on Daily candles, having rejected the 34 EMA's support from 1.3834 and closing higher for four consecutive trading days, and on track to make it a fifth. A successful bid for 1.4344 will see the Sterling trading at 20-month highs against the US Dollar.

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

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