The Sterling met extra selling pressure on Friday, now dragging GBP/USD to test lows sub-1.2800 levels following the release of Retail Sales.
GBP/USD offered post-data
The pair saw its correction lower accelerate after UK’s headline Retail Sales contracted more than expected during March, 1.8% (vs. -0.2% forecasted).
Further data saw Sales excluding the Fuel component also contracting in March, down 1.5% (vs. a forecasted 0.4% drop).
GBP/USD levels to consider
As of writing the pair is down 0.11% at 1.2798 and a breakdown of 1.2766 (low Apr.19) would expose 1.2619 (200-day sma) and finally 1.2549 (20-day sma). On the upside, the next next resistance lines up at 1.2904 (high Apr.18) followed by 1.3125 (high Sep.22 2016) and then 1.3279 (high Sep.15).
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.