GBP/USD Price Analysis: Bulls attack 1.2760 hurdle with eyes on UK Retail Sales

GBP/USD remains sidelined around short-term key resistance confluence after posting three-day winning streak.
Cable trader’s preparations for UK Retail Sales for July allowed Pound Sterling to remain sidelined.
Upbeat oscillators, sustained trading beyond seven-week-old rising support line favors pair buyers.
Convergence of 100-SMA, five-week-old falling resistance line challenge recovery moves ahead of the key UK data.

Anil Panchal FXStreet

GBP/USD jostles with a short-term key resistance while making rounds to 1.2760 amid the early Asian session on Friday. In doing so, the Cable pair prods the three-day winning streak ahead of the UK Retail Sales for July.

That said, the Cable pair’s successful trading above a seven-week-old rising support line, around 1.2675 by the press time, joins the bullish MACD signals and gradually rising the RSI (14) line to keep the GBP/USD buyers hopeful.

However, a downward-sloping resistance line from July 14 and the 100-SMA together constitute the 1.275-60 zone as a tough nut to crack for the Cable pair buyers.

Following that, the 1.2800 and the 200-SMA level of around 1.2830 will act as the last defense of the GBP/USD bears.

It’s worth noting that the downbeat expectations from the UK Retail Sales, expected -0.5% MoM in July versus 0.7% expected, can join the risk-off mood to prod the Cable buyers.

On the other hand, a daily closing below the multi-day-old support line surrounding 1.2675 becomes necessary for the GBP/USD bears to retake control.

Even so, multiple supports around 1.2600 may test the Pound Sterling bears before giving control to them.

GBP/USD: Four-hour chart

Trend: Limited recovery expected

Additional important levels

Overview
Today last price	1.2748
Today Daily Change	0.0016
Today Daily Change %	0.13%
Today daily open	1.2732

Trends
Daily SMA20	1.2778
Daily SMA50	1.2781
Daily SMA100	1.2621
Daily SMA200	1.2369

Levels
Previous Daily High	1.2766
Previous Daily Low	1.2687
Previous Weekly High	1.2819
Previous Weekly Low	1.2666
Previous Monthly High	1.3142
Previous Monthly Low	1.2659
Daily Fibonacci 38.2%	1.2736
Daily Fibonacci 61.8%	1.2717
Daily Pivot Point S1	1.269
Daily Pivot Point S2	1.2649
Daily Pivot Point S3	1.2611
Daily Pivot Point R1	1.277
Daily Pivot Point R2	1.2808
Daily Pivot Point R3	1.2849

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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