May 13, 2013
Forex: Sterling shed an initial 20 pips on opposite retail sales, which rose unexpectedly
FXstreet.com (London) - The pair has been effected badly on the back of a USD strengthening across the board breaking a trading channel of 1.5360/80 built over the last couple of months. The DXY has already broken a key level to the topside and recent US numbers have been better, including retail sales which have come out better than expected today at +0.1. Sterling has dropped an initial 20 pips and might be expected to continue lower to the downside. Resistance at 1.5380 marks the bottom of the channel and support at the daily low 1.5315 would give way to where the rally in April began at 1.5265.