GBP/USD Price Analysis: Mildly bid above 1.2200 inside short-term triangle, UK Retail Sales eyed
GBP/USD extends recovery moves from 1.2185 while taking the bids near 1.2230, up 0.10% on a day, amid the early Friday trading. Looking at the Cable’s moves from late-Monday, a short-term falling triangle seems to appear on the hourly (H1) chart. That said, the quote presently confronts an intermediate resistance line, around 1.2235, following the bounce from the formation’s support.
Should the pullback cross 1.2235, 61.8% Fibonacci retracement level of May 12-17 fall near 1.2265 can offer extra resistance before fueling the pair towards the pattern’s upper line, at 1.2275 now.
GBP/USD upside limited on hard-Brexit risks and broad based USD demand
GBP/USD is trading at 1.2238 and flat on the day having travelled between a low of 1.2185 and a high of 1.2249. The bulls are out on force and supporting sterling from breaking below a critical support area in the bottom half of the 1.20 handle. This is despite a broadly stronger US dollar towards the end of the week.
One of the major drivers for the day is the spat between the US and China come back to the fore. China has warned that US measures and sanctions would result in counter-measures. The Global Times wrote
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