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GBP/USD breaks below 1.5650 after US retail sales

FXStreet (San Francisco) - The British Pound is extending its bleeding against the US Dollar after a strong retail sales report from the United States. The GBP/USD dropped 50 pips after the data to its lowest level since Sept. 9 at 1.5615.

Earlier in the day, the GBP/USD bounced off 1.5655 to trade as high as 1.5695; however the pair found a new selling interest that sent it to yearly lows. Currently, GBP/USD is trading at 1.5623, down 0.56% on the day, having posted a daily high at 1.5714 and a low of 1.5616.

GBP/USD spot is in oversold territory according to the hourly FXStreet OB/OS Index, while the FXStreet Trend Index is slightly bearish.

US retail sales recovered previous month's decline and rose 0.3% in October; above the 0.2% expected. October was the 8th month of advances in the year. Ex autos, retail sales rose 0.3% in October. Import and exports prices showed declines in October.

GBP/USD levels

Below the 1.5615, the GBP/USD will face next resistances at 1.5600, 1.5560 and 1.5550. To the upside, resistances are at 1.5650, 1.5700 and 1.5720.

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