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Forex: GBP/USD orbiting around 1.5255/60

FXstreet.com (Barcelona) - The sterling is hovering over the mid 1.52s on Thursday, keeping the lower end of yesterday’s range so far, ahead of the UK Retail Sales due later. Prior surveys expect the sales to contract at an annual pace of 0.5% and to rise 0.9% YoY excluding Fuel costs.

Recall that poor labour market data on Wednesday plus an inconclusive BoE minutes dragged the pound to multi-day lows around 1.5215/20, recovering ground afterwards.

At the moment, the pair is up 0.13% at 1.5260 with the next hurdle at 1.5370 (high Apr.17) followed by 1.5386 (high Apr.15) and then 1.5409 (high Apr.12).
On the downside, a breach of 1.5217 (low Apr.17) would then target 1.5199 (low Apr.5) and finally 1.5034 (low Apr.4).

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