GBP is supported by strong Retail Sales
Christophe Chevalier November 20, 2020 2:06 AM
The British pound is gaining ground, boosted by roaring October Retail Sales.
The British pound is boosted by October Retail sales, published at +1.2% on month, much above +0.3% expected. On a yearly basis, they stood at +5.8%, vs +4.1% expected.
From a technical point of view, on a daily chart, GBP/USD is challenging the upper boundary of a bullish channel and stands above its 50-day moving average (in blue). Readers may therefore consider the potential for further advance above horizontal support at 1.2865. The nearest resistance would be set at September top at 1.3480 and a second one would be set at previous overlap at 1.3710 in extension.
Source: TradingView, GAIN Capital
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