GBPUSD PRICE CORRECTION LOOMS BELOW 1.4179
The British pound has edged marginally lower against the greenback during the European trading session, following a mixed UK Retail Sales report. The GBPUSD pair initially spiked to 1.4179, following a better than expected February UK Retail Sales headline number, but soon reversed direction as the previous month’s figures were downgraded. The pair currently trades back below the key 1.4046 level, with the 1.4179 to 1.4088 trading-range in focus, ahead today’s Bank of England’s interest rate decision.
The GBPUSD pair retains a bullish bias whilst trading above the 1.4088 level, key technical resistance is now found at the 1.4179 and 1.4279 levels.
Should GBPUSD price-action move below the 1.4088 support level, a technical correction back toward the 1.4045 and 1.4000 support levels may occur.