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GBP/USD careens below 1.5100 level after BoE

FXstreet.com (Barcelona) - The GBP/USD quandary has continued this week, exacerbating declines on the heels of the BoE minutes and a healthy dose of economic data in the United Kingdom during European trading.

In the United Kingdom, Retail Sales (YoY) came in at +0.5% in April, beating expectations of +2.0%. Moreover, Retail Sales ex Fuel (MoM and YoY) yielded -1.4% in April (against estimates of 0.0%) and +0.2% in April (vs. a projection of +1.7%) respectfully.

At the time of writing, the GBP/USD has plummeted down to the 1.5091/93 level, incurring a loss of -0.44% Wednesday. Mataf.net analysts point to supportive means for the GBP/USD at 1.5093, onto 1.5027, and ultimately 1.4943. Conversely, a break above the 1.5243 mark will initiate resistance at 1.5327 and 1.5393.

According to the ICN.com Technical Analyst Team, “The GBP/USD dropped yesterday and is currently trading below to 61.8% correction at 1.5215. The support level might be broken as we see that the linear regression indicators are negative and the stochastic is trying to crossover negatively despite trading in oversold areas. As for today, trading below 1.5220 is negative and might extend bearishness.”

United Kingdom Public Sector Net Borrowing at £8.035B in Apr; consensus at £7B

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UK: Annual Retail Sales grow 0.5% in April

National Statistics reported on Wednesday that year-over-year UK Retail Sales rose 0.5% in April, compared with the 0.5% decrease in March and well below forecasts of +2%.
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