GBP/USD holds steady above 1.2900 mark post-UK retail sales, lacks follow-through


  • GBP/USD finds some support from stronger-than-expected UK retail sales figures.
  • Fears of a no-deal Brexit held bulls on the sidelines and kept a lid on the upside.

The GBP/USD pair edged higher to fresh session tops, around the 1.2920-25 region post-UK macro data, albeit lacked any strong follow-through.

According to the data released this Thursday, the UK monthly retail sales recorded a growth of 0.9% in January as compared to 0.7% expected and the previous month's fall of 0.5% (revised higher from -0.6% reported earlier.

Bulls seemed reluctant

Adding to this, the yearly rate also bettered expectations and came in to show a rise of 0.8%, though was still below the 0.9% growth posted in December. Meanwhile, sales excluding fuel increased by 1.6% MoM and 1.2% YoY, again beating estimates.

The upbeat readings, however, failed to impress amid persistent fears that Britain might crash out of the European Union at the end of the transition period later this year, which eventually kept a lid on any strong positive move.

With Thursday's key UK macro data out of the way, the incoming Brexit-related headlines might continue to act as an exclusive driver of the sentiment surrounding the sterling and produce some meaningful trading opportunities.

Technical levels to watch

GBP/USD

Overview
Today last price 1.2912
Today Daily Change -0.0012
Today Daily Change % -0.09
Today daily open 1.2924
 
Trends
Daily SMA20 1.3013
Daily SMA50 1.3058
Daily SMA100 1.2949
Daily SMA200 1.2693
 
Levels
Previous Daily High 1.3024
Previous Daily Low 1.2907
Previous Weekly High 1.307
Previous Weekly Low 1.2872
Previous Monthly High 1.3281
Previous Monthly Low 1.2954
Daily Fibonacci 38.2% 1.2952
Daily Fibonacci 61.8% 1.2979
Daily Pivot Point S1 1.2879
Daily Pivot Point S2 1.2835
Daily Pivot Point S3 1.2762
Daily Pivot Point R1 1.2996
Daily Pivot Point R2 1.3069
Daily Pivot Point R3 1.3113

 

 

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