GBP supported by roaring Retail Sales

Close-up of Union Jack flag
The U.K. Office for National Statistics has reported September retail sales at +1.5% on month, much above +0.2% expected. On a yearly basis, they were released at +4.7%, vs +3.4% expected. Preliminary readings of October PMIs will be released later today.

From a technical point of view, on a daily chart, GBP/USD remains within 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 1.2900. The nearest resistance would be set at October top at 1.3170 and a second one would be set at September high at 1.3480 in extension.
Chart analysis of Pound Sterling(GBP) to US Dollar(USD). Published in October 2020 by FOREX.com
Source: TradingView, GAIN Capital

 
 
Related tags: Forex Forex GBP

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