Pound Sterling Price News and Forecast: GBP/USD yawns on mixed Retail Sales

FXStreet Team FXStreet

Daily technical and trading outlook – GBP/USD

GBP/USD - 1.2461.. Although cable swung sideways in tandem with euro on Thur, price caught a bid at 1.2339 in early European trading n rallied abv Wed's 1.2501 high to 1.2524 in NY morning b4 retreating on profit taking.

On the bigger picture, despite cable's brief break of 2016 post-Brexit low of 1.1491 to a near 35-year trough of 1.1412 in mid-Mar 2020 on safe-haven usd's demand following free fall in global stocks, price rallied to 1.3686 on the last trading day of 2020 following a last-minute EU-UK trade deal, then to a near 34-month 1.4241 peak in late Feb suggests a major low is made. Read more...

Pound yawns on mixed Retail Sales

The British pound is drifting on Friday, after showing unusually strong volatility this week. The pound rebounded on Thursday, racking up gains of 1.06% and briefly breaking above the symbolic 1.25 line.

UK retail sales showed a strong gain in April, with a gain of 1.4% MoM. This followed a decline of 1.2% in March. However, on a yearly basis, sales volumes were 4.9% lower, as the broader picture looks grim. The monthly gain for March may have been a blip, as consumers were hit with higher household energy costs as well as an increase in taxes. Add into the mix inflation at 9.0% and possibly heading into double-digits, and it’s difficult to envision retail sales moving higher. Read more...

GBP/USD sticks to modest gains below 1.2500 mark, upside potential seems limited

The GBP/USD pair traded with a mild positive bias through the first half of the European session and was last seen hovering around the 1.2475-1.2480 region, up 0.15% for the day.

Following the previous day's modest pullback from a two-week high, the GBP/USD pair attracted some buying on Friday and was supported by better-than-expected UK macro data. The UK Office for National Statistics reported that Retail Sales unexpectedly rose by 1.4% in April as against consensus estimates pointing to a drop of 0.2%. Read more...

GBP/USD

Overview
Today last price	1.2469
Today Daily Change	0.0003
Today Daily Change %	0.02
Today daily open	1.2466

Trends
Daily SMA20	1.2453
Daily SMA50	1.2839
Daily SMA100	1.3167
Daily SMA200	1.3368

Levels
Previous Daily High	1.2525
Previous Daily Low	1.2337
Previous Weekly High	1.2406
Previous Weekly Low	1.2155
Previous Monthly High	1.3167
Previous Monthly Low	1.2411
Daily Fibonacci 38.2%	1.2453
Daily Fibonacci 61.8%	1.2409
Daily Pivot Point S1	1.2361
Daily Pivot Point S2	1.2256
Daily Pivot Point S3	1.2174
Daily Pivot Point R1	1.2548
Daily Pivot Point R2	1.263
Daily Pivot Point R3	1.2736

Author

FXStreet Team

FXStreet

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