GBP/USD eyes 1.3600 post-UK retail sales

Pablo Piovano FXStreet

The Sterling is now adding to its earlier gains following upbeat results from the UK docket, lifting GBP/USD to the vicinity of the 1.3600 handle.

GBP/USD bid after data

Cable meet extra buying interest after UK’s retail sales expanded at a monthly 1.0% in August and 2.4% over the last twelve months. In addition, sales stripping the Fuel component also rose 1.0% inter-month and 2.8% on a yearly basis. All prints have come in well above initial estimates.

Spot is thus advancing for the fifth consecutive session so far, trading in multi-day levels and approaching the key barrier at 1.3600 the figure.

Later in the session, the pair’s upside should be put to the test in light of the imminent FOMC meeting, where consensus among traders point to an ‘on hold’ stance from the Committee while the Fed’s plans to start reducing its balance sheet should stay in the centre of attention.

GBP/USD levels to consider

As of writing the pair is up 0.64% at 1.3588 and a break above 1.3620 (2017 high Sep.18) would aim for 1.4010 (low Jun.16 2016) and finally 1.4744 (high May 26 2016). On the flip side, the immediate support lines up at 1.3465 (low Sep.18) seconded by 1.3354 (10-day sma) and then 1.3128 (21-day sma).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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