Retail sales decline in April in the U.S. US Dollar Index clings to daily gains despite the disappointing data. After piercing through the 1.29 mark, the GBP/USD pair extended its slide and touched its lowest level since February 15 at 1.2852 in the last hour. As of writing, the pair was trading a couple of pips above that level, losing 0.4% on a daily basis. The latest headlines surrounding cross-party Brexit talks in the UK seem to be weighing on the British pound.
«We have made it clear that we cannot support the Brexit legislation without an agreement,» the spokesman reiterated. Meanwhile, the U.S. Census Bureau today reported that retail sales in April declined by 0.2% to fall short of the market expectation for an increase of 0.2%. Later in the session, the Fed’s industrial production and capacity utilization from the U.S. will be looked upon for fresh catalysts.
Technical levels to consider
The pair could face the initial support at 1.2800 ahead of 1.2770 and 1.2710 . On the upside, resistances are located at 1.2920 , 1.2960 and 1.3000 . You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements.
It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.
Click here to read the full article