GBP/USD trims gains above 1.3100 post-data

Cable moves higher despite poor UK data results.
The pair finds support near 1.3080 for the time being.
UK’s headline Retail Sales contracted more than expected in September.

Pablo Piovano FXStreet

After dropping to the 1.3080 in early trade, GBP/USD has now managed to regain the 1.3100 handle and above on renewed USD-weakness.

GBP/USD looks to EU Summit, Brexit

Cable gained some buying interest amidst a bout of selling pressure hitting the greenback following the opening bell in Euroland.

The Sterling met dip-buyers despite UK’ headline Retail Sales contracted at a monthly 0.8% in September vs. a 0.4% contraction forecasted. On a yearly basis, sales expanded 3.0%. Further data saw Core sales also contracting 0.8% inter-month and up 3.2% over the last twelve months.

Further out, GBP should particularly remain in centre stage in the next 48 hours, as the 2-day EU Leaders Summit kicks in today and has Brexit on top of the agenda.

GBP/USD levels to consider

As of writing, the pair is losing 0.02% at 1.3113 and a breakdown of 1.3076 (low Oct.18) would open the door to 1.2994 (55-day SMA) and finally 1.2921 (low Oct.4). On the upside, the next hurdle is located at 1.3259 (high Oct.12) seconded by 1.3299 (high Sep.20) and then 1.3364 (high Jul.9).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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