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GBP/USD hovering over 1.5650

FXStreet (Edinburgh) - The sterling is trading on a softer side vs. the greenback on Thursday, taking GBP/USD to the 1.5645/40 area.

GBP/USD focus on UK data

The pair is sidelining between 1.5640 and 1.5680 during the European morning, with GBP traders waiting for the Retail Sales in the UK. Consensus expects headline/core sales to have grown 0.3% MoM in October, recovering from both contractions in September. In the meantime, spot could not sustain the bullish attempt post-BoE minutes on Wednesday, returning to the current area around 1.5640. “Allow for a dip towards 1.5640 but as long as 1.5600 is intact, another leg higher towards 1.5725/30 is likely”, noted strategist at UOB Group.

GBP/USD relevant levels

At the moment the pair is retreating 0.21% at 1.5644 with the next support at 1.5600 (psychological level) ahead of 1.5590 (low Nov.19) and then 1.5564 (low Sep.6 2013). On the upside, a break above 1.5720 (high Nov.19) would open the door to 1.5737 (high Nov.17) and finally 1.5741 (10-d MA).

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