GBP USD Fundamental Analysis 1
8/15/2016 9:39:28 AM
The GBP/USD pair held up its post-US retail sales slide at 1.2900 levels, and tried a slight-recovery beyond the last, before meeting refresh supply at 1.2950 earlier on the day. At present, GBP/USD trades +0.09% higher at 1.2930, retreating gains from daily highs got at 1.2950 in early Asia. After an instable session experienced last Friday, the cable takes a breather and efforts a tepid-bounce on 1.29 handle, as investors merge the sharp losses incurred on FOMC member Bullard’s comments, and therefore, faded poor retail sales backed spike to 1.3035. Moreover, the sell-off in the GBP last Friday was also saw as a repositioning try by the markets as we head into the UK CPI and jobs report due later this week. The impending macro updates from the UK holds more consequence as they are expected to take into account the post-Brexit effect on the British economy. The pair has an immediate persistence at 1.2945, above which 1.3000 would be tested. On the other hand, support is seen at 1.2900 below that at 1.2875.
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