• Brexit headlines continue to influence sentiment surrounding the British Pound.
• Mixed US monthly retail sales data does little to hinder the intraday goodish bounce.
The GBP/USD pair quickly reversed an early European session dip and rallied over 80-pips to refresh session tops, around the 1.3040 region in the last hour.
The British Pound came under some renewed selling pressure and dropped back closer to near three-week lows on news that the UK PM Theresa May is likely to change tomorrow's vote from meaningful to provisional vote.
However, the UK government spokesman denied the report, confirming that Brexit meaningful vote will take place tomorrow, and eventually triggered a modest short-covering bounce around the major.
The British Pound got some additional boost following UK lawmaker - Yvette Cooper's comments that she would force parliament to vote on Brexit delay if the government doesn't keep their word to deliver a meaningful vote on Tuesday.
With Brexit headlines turning out to be an exclusive driver of the sentiment surrounding the Sterling, the pair seemed rather unaffected and had a muted reaction to today's mixed release of the latest US monthly retail sales data for January.
In fact, the core sales figure posted a stronger than expected and came in to show a 0.9% m/m growth as against 0.2% expected, but was largely offset by a further downward revision of the previous month's already weaker readings and hence, did little to hinder the pair's goodish intraday rebound.
Technical levels to watch
GBP/USD
Overview:
Today Last Price: 1.3032
Today Daily change: 19 pips
Today Daily change %: 0.15%
Today Daily Open: 1.3013
Trends:
Daily SMA20: 1.3059
Daily SMA50: 1.2972
Daily SMA100: 1.2882
Daily SMA200: 1.2987
Levels:
Previous Daily High: 1.3109
Previous Daily Low: 1.299
Previous Weekly High: 1.3269
Previous Weekly Low: 1.299
Previous Monthly High: 1.3351
Previous Monthly Low: 1.2773
Daily Fibonacci 38.2%: 1.3035
Daily Fibonacci 61.8%: 1.3063
Daily Pivot Point S1: 1.2966
Daily Pivot Point S2: 1.2919
Daily Pivot Point S3: 1.2847
Daily Pivot Point R1: 1.3084
Daily Pivot Point R2: 1.3156
Daily Pivot Point R3: 1.3203
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