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GBP/USD eases from tops, still well bid near 1-1/2 week tops post-BoE

   •  The USD tumbles to multi-week lows and helps regain strong positive traction.
   •  Upbeat UK monthly retail sales data for Nov. remained supportive of the up-move.
   •  The BoE decided to maintain status quo and failed to provide any meaningful impetus.

The GBP/USD pair held on its strong intraday gains, albeit seemed struggling to extend the momentum further beyond the 1.2700 handle.

Despite the overnight not so dovish FOMC statement/economic projections, the US Dollar came under some intense selling pressure and assisted the pair to catch some aggressive bids on Thursday.

The British Pound got an additional boost following the release of stellar UK monthly retail sales data, recording a strong 1.4% m/m growth in November as compared to a modest 0.3% rise anticipated.

The pair momentarily moved beyond the 1.2700 handle to hit 1-1/2 week tops but lacked any follow-through after the BoE MPC voted unanimously to leave interest rates/asset purchase facility unchanged. 

The political deadlock over the UK efforts to exit the European Union, coupled with easing inflationary pressure underscored the BoE decision to maintain status quo and failed to provide any fresh impetus. 

With today's UK economic data/BoE decision out of the way, the USD price dynamics might continue to act as an exclusive driver of the pair's momentum amid absent relevant market moving economic releases from the US.

Technical levels to watch


    Today Last Price: 1.2694
    Today Daily change: 78 pips
    Today Daily change %: 0.618%
    Today Daily Open: 1.2616
    Previous Daily SMA20: 1.2706
    Previous Daily SMA50: 1.2858
    Previous Daily SMA100: 1.2916
    Previous Daily SMA200: 1.3238
    Previous Daily High: 1.268
    Previous Daily Low: 1.2607
    Previous Weekly High: 1.276
    Previous Weekly Low: 1.2477
    Previous Monthly High: 1.3176
    Previous Monthly Low: 1.2723
    Previous Daily Fibonacci 38.2%: 1.2635
    Previous Daily Fibonacci 61.8%: 1.2652
    Previous Daily Pivot Point S1: 1.2588
    Previous Daily Pivot Point S2: 1.2561
    Previous Daily Pivot Point S3: 1.2516
    Previous Daily Pivot Point R1: 1.2661
    Previous Daily Pivot Point R2: 1.2707
    Previous Daily Pivot Point R3: 1.2734

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