The Cross-party talks continue to lag behind market expectations. GBP/USD pair couldn’t benefit from yesterday’s employment data from the UK as doubts concerning the Brexit remain dominant market mover and pushes the quote near 1.2910 during early Wednesday. Though, the opposition Labour party is still challenging the optimism by sticking to their own demands. Looking forward, the US retail sales seems to be important data to watch over as there isn’t anything particularly important from the UK’s economic calendar .
The US retail sales control group may register 0.4% growth over 1.0% prior while headline retail sales could print 0.2% mark versus 1.6% previous readout on a monthly basis.
An upward sloping trend-line stretched since mid-February could offer immediate support at 1.2890 ahead of highlighting April lows near 1.2860 to sellers. Meanwhile, 200-day simple moving average around 1.2960, followed by 1.3000 round-figure and 1.3010 comprising 100-day SMA, could restrict the quote’s nearby upside.
Click here to read the full article