FxWirePro: GBP/CAD pauses downside at 200-DMA, upbeat UK data support pound

GBP/CAD chart - Trading View 

GBP/CAD was trading rangebound at 1.7318 at around 09:00 GMT, with session high at 1.7336 and low at 1.7287.

The pair has paused two straight session's of weakness and was trading 0.13% higher at 09:30 at around 09:30 GMT.

Upbeat UK Retail Sales and Preliminary Manufacturing PMI data keep the British pound supported.

The seasonally adjusted IHS Markit/CIPS UK Manufacturing Purchasing Managers’ Index (PMI) jumped to 60.7 in April versus 59.0 expected and 58.9 – March’s final reading.

Meanwhile, the Flash UK Services Business Activity Index for April rose to 60.1 versus March’s final readout of 56.3 and 59.0 expected. 

UK retail sales came in at 5.4% month-on-month in March vs. 1.5% expected and 2.1% previous. The core retail sales stood at 4.9% MoM vs 1.9% expected and 2.4% previous.          

On an annualized basis, the UK retail sales rebounded by 7.2% in March versus 3.5% expected and -3.6% prior while the core retail sales jumped by 7.9% versus 4.5% expectations and -1.0% previous.

After plummeting for 2 straight session's, the pair has edged slightly higher as 200-DMA offers strong support. Any weakness only on break below.