GBP/USD holds weaker below mid-1.1800s, moves little post-UK retail sales


  • GBP/USD traded with a mild negative bias through the Asian session on Thursday.
  • A slight disappointment from the UK retail sales data failed to provide any impetus.
  • Thursday’s main focus will remain on the latest BoE monetary policy decision.

The GBP/USD pair held on to its mildly weaker tone below mid-1.1800s and had a rather muted reaction to the UK macro data.

According to the data released this Thursday, the UK monthly retail sales dropped 0.3% in February as compared to a modest growth of 0.2% expected. However, the fact that the data pertains to the period before the coronavirus crisis, it did little to provide any meaningful impetus.

Moreover, the UK government's measures to contain the coronavirus pandemic and persistent selling bias surrounding the US dollar continued lending some support to the major. The greenback remained depressed in the wake of the Fed's aggressive QE program announced this week.

This coupled with the optimism over a massive $2 trillion US stimulus package to avert a financial crisis boosted investors’ confidence, which exerted some additional downward pressure on the greenback's perceived safe-haven status against its British counterpart and remained supportive.

Meanwhile, investors also seemed reluctant to place any aggressive bets, rather preferred to wait on the sidelines ahead of the Bank of England's latest monetary policy decision, scheduled to be announced later during the European trading session.

Technical levels to watch

GBP/USD

Overview
Today last price 1.1823
Today Daily Change -0.0057
Today Daily Change % -0.48
Today daily open 1.188
 
Trends
Daily SMA20 1.2404
Daily SMA50 1.2766
Daily SMA100 1.2896
Daily SMA200 1.2673
 
Levels
Previous Daily High 1.1974
Previous Daily Low 1.1639
Previous Weekly High 1.24
Previous Weekly Low 1.1412
Previous Monthly High 1.3204
Previous Monthly Low 1.2726
Daily Fibonacci 38.2% 1.1846
Daily Fibonacci 61.8% 1.1767
Daily Pivot Point S1 1.1688
Daily Pivot Point S2 1.1496
Daily Pivot Point S3 1.1354
Daily Pivot Point R1 1.2022
Daily Pivot Point R2 1.2165
Daily Pivot Point R3 1.2357

 

 

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