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Forex: GBP/USD trading at 1.5487/88 after failed recovery attempt

A recent recovery attempt at the 1.5560 mark was stymied, driving the GBP/USD lower during the late morning of the European session Friday. With weak GBP data leaving a bitter taste in investors mouths, the pair breached support at 1.5500 again, and is now trading at 1.5487/88 at the time of writing, down -0.03%.

Earlier today in the United Kingdom, Retail Sales (YoY) were reported at -0.6% In January, against estimates calling for +0.8%. Moreover, Retail Sales (MoM) came in at -0.6% in January, missing expectations of +0.4%. Finally Retail Sales ex-fuel (YoY) grew only +0.2%, against projections of +1.4%.

Briefing the technicals, after a movement below calculated support at 1.5500, the ICN.com analyst team points to additional supports at 1.5455 and finally 1.5415. On the positive side, a break above 1.5525 will trigger resistances at 1.5580 and 1.5610.

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