GBP/USD looking for some lift from UK retail sales

Sterling looking for some good news to try and halt the slide.
Market sentiment is forcing down the GBP/USD as trade tensions clash with flubbed UK data.

Joshua Gibson FXStreet

The GBP/USD is holding steady ahead of a hectic London market session, trading above 1.3325.

GBP/USD: Fed-BOE divergence hurts, eyes UK retail sales

The Sterling has declined for the last five straight weeks, and looks set to price in a sixth as floundering confidence in the GBP and a broad market recovery for the Greenback sees the GBP/USD flubbing its strong market stance running up to April's high at 1.4376. A worse-than-expected economic downturn for the UK's economy has seen the Bank of England (BoE) get knocked off its hawkish post and have to walk back a widely-expected rate hike earlier this month.

Today sees UK Retail Sales figures at 08:30 GMT, and Sterling bulls will be hoping for a positive reading, with the year-on-year core figure expected to print an abysmal 0.1%, versus the previous reading of 1.1%. Comments from the BoE's Mark Carney are also expected at 08:00 GMT.

GBP/USD levels to watch

As noted by FXStreet's own Omkar Godbole in his GBP/USD preview for today, "the immediate resistance is seen at 1.3402 (5-day MA), 1.3460 (10-day MA) and 1.35 (psychological hurdle). Meanwhile, support is seen at 1.3305 (previous day's low), 1.3268 (August 3 high), and 1.3221 (Nov. 25 low)."

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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