GBPUSD ATTEMPTING TO HOLD 1.3400 LEVEL
The British pound has moved back towards the 1.3400 level against the US dollar, after the United Kingdom economy posted much better than expected monthly Retail Sales numbers. The GBPUSD pair currently trades around the 1.3390 level, after earlier moving to its highest trading level since May 22nd, hitting 1.3420. Sterling traders will look for further upside above the 1.3400 level, with the 1.3354 to 1.3450 trading-range now the key.
The GBPUSD pair is only bullish while trading above the 1.3450 level, key technical resistance is located at the 1.3450 and 1.3500 levels.
If the GBPUSD pair fails to move above the 1.3400 level, we may see a technical correction back towards the 1.3354 and 1.3304 support levels.