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GBP/USD challenges 1.5500 on UK data

FXStreet (Edinburgh) - The sterling is now surrendering part of the initial gains vs. the greenback, sending GBP/USD to test the boundaries of the key support at 1.5500.

GBP/USD keeps 1.22 post-UK retail sales

The pair has given away some gains after results from UK Retail Sales failed to ignite a positive reaction amongst traders. In fact, headline sales expanded 0.2% from July to August, matching expectations. Core sales has followed suit, up 0.1% and in line with previous estimates.

The pair however is managing to keep the trade above the key 1.5500 barrier, paying less attention to the domestic data and focusing on the more relevant FOMC meeting due later in the European evening.

GBP/USD significant levels

As of writing the pair is advancing 0.02% at 1.5497 with the next hurdle at 1.5547 (high Aug.7) followed by 1.5606 (high Aug.10) and finally 1.5660 (high Aug.12). On the other hand, a breakdown of 1.5373 (low Sep.14) would open the door to 1.5330 (low Sep.16) and then 1.5299 (low Sep.8).

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