GBP/USD retreats from weekly tops, near 1.3230 post-BOE credit conditions surveys

The GBP/USD pair trimmed some of its early strong gains to over one-week tops and retreated over 30-pips an intraday high level of 1.3265.

The pair's sharp retracement over the past hour or so could be attributed to BOE's Q3 credit conditions survey, which showed lenders anticipating sharp decline, biggest since Q4 2008, in consumer credit availability in the next three month. 

Adding to this, a modest US Dollar recovery from 2-week lows, despite dovish FOMC minutes-led weaker tone around the US Treasury bond yields, further prompted traders to take some profits off the table, especially after the pair's post-NFP up-move of nearly 250-pips. 

Moving ahead, the lack of progress in the ongoing fifth round of Brexit negotiations remains a key risk for the pair's up-move in absence of any major UK macroeconomic releases.

Later during the NA session, the US economic data - latest PPI figures and weekly jobless claims, along with speeches by FOMC’s Lael Brainard and Jerome Powell would now be looked upon for some fresh impetus. 

Technical levels to watch

A follow through retracement is likely to get extended towards the 1.3200 handle, below which the pair is likely to drift back towards 50-day SMA support near the 1.3135 region.

On the upside, 1.3265 level remains immediate resistance, which if cleared decisively has the potential to lift the pair beyond the 1.3300 handle towards its next hurdle near the 1.3340-35 region.

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