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GBP/USD drops on UK Retail Sales data - FXStreet

FXStreet (Łódź) - FXStreet Chief Analyst Valeria Bednarik notes that the disappointing UK Retail Sales numbers put further pressure on the pound on Thursday.

Key quotes

"The numbers misses expectations, with YoY reading down to 2.7%, and MoM down to -0.3%."

"The GBP/USD felt as low as 1.5998 so far today, stalling a couple pips above the 61.8% retracement of its latest daily rally, maintaining an overall weak tone."

"The 4 hours chart shows price consolidating a few pips above mentioned level, with indicators heading strongly south below their midlines and 20 SMA turning lower around the 23.6% retracement of the same rally at 1.6108."

"A downward acceleration below 1.5995, 61.8% retracement, should trigger stops and fuel the slide, pointing for a test of 1.5940/50 where the pair presents several intraday lows."

"Gains above 1.6030, should bring some short term relief, and price may then attempt to advance up to 1.6060/70 price zone."

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