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FxWirePro: GBP/USD trades higher after better than expected UK retail sales, good to buy on dips

GBPUSD was trading higher and has jumped more than 50 pips after release of UK retail sales data.UK retail sales grew unexpectedly in the month of Aug. It rose 0.3% compared to forecast of 0.2% decline. Overall retail sales rose 3.4% on yearly compared to 2.1% gain last year. The better than expected retail sales and inflation data will increase the chance of BOE to hike interest rates.

 

Pound sterling has shown a minor sell-off after Theresa May rejected EU Barnier’s offer on the Irish border. It declined till 1.30985 and shown a good recovery.
 

On the higher side, major resistance is around 1.32150 and any convincing break above targets 1.3300. Any break above 1.3300 will take the pair to next level till 1.3365/1.3400.

 

The near term support is around 1.3147 (20- 4H MA) and any break below targets 1.30985/1.30600/1.3000. Any violation below 1.2965 confirms bearish continuation.

It is good to buy on dips around 1.3155-60 with SL around 1.3095 for the TP of 1.3300.

 

 

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