GBP/USD retreats from tops near 1.3450

Cable clinches fresh multi-day peaks near 1.3450.
UK’s Retail Sales came in on the strong side in May.
Softer greenback lends support to today’s upside.

Pablo Piovano FXStreet

The Sterling is trading on the right foot for yet another session, lifting GBP/USD to test the area of fresh 5-day tops in the vicinity of 1.3450.

GBP/USD bid after data, looks to ECB

Cable is advancing for the second session in a row on Thursday, deriving support from the renewed selling bias around the greenback and auspicious results from the UK calendar.

In fact, the US Dollar Index (DXY) has retraced yesterday’s up tick to the 94.00 handle and is now posting losses for the second straight session following Wednesday’s FOMC meeting and somewhat dovish comments by Chief Powell.

Furthermore, UK’s Retail Sales during May expanded more than expected 1.3% MoM and 3.9% over the last twelve months. In addition, Core sales rose 1.3% inter-month and 4.4% on an annualized basis.

Looking ahead, Cable thus appears poised to target tops seen earlier in the month in the 1.3480 zone amidst a softer buck and some constructive headlines from the Brexit negotiations.

Later in Euroland, the ECB will hold its key meeting and the British Pound could be under some pressure via EUR/GBP.

GBP/USD levels to consider

As of writing, the pair is gaining 0.35% at 1.3423 facing the next resistance at 1.3446 (high Jun.14) seconded by 3474 (high Jun.7) and then 1.3605 (200-day sma). On the other hand, a break below 1.3310 (low Jun.13) would expose 1.3205 (2018 low May 23) and finally 1.3039 (low Nov.3 2017).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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