GBP/USD revisits daily low
FXStreet (Mumbai) – The bid tone on Sterling continues to weaken, paving way for a drop in the GBP/USD to near daily low levels ahead of the US advance retail sales report.
Will it break below 1.54 GBP/USD?
Cable is now at the mercy of the US advance retail sales report, which will throw light on whether the sustained labor market and wage gains are pushing households in the US to spend more or consumptions stays anaemic.
Earlier today, the spot bounced-off from 1.54 levels to a high of 1.5457 GBP/USD, before turning lower once again. The spot now trades around 1.5042 GBP/USD levels.
GBP/USD Technical Levels
A break below 1.54 could push the spot lower to its next support at 1.5372 (Sep 14 low). On the other side, resistance is seen at 1.5457 GBP/USD (daily high), followed by 1.5476 (Sep 10 high) and then 1.5517 GBP/USD (100-DMA).
The bid tone on Sterling continues to weaken, paving way for a drop to near daily low levels ahead of the US advance retail sales report.
(Market News Provided by FXstreet)