FXStreet (Córdoba) – GBP/USD extended its recovery on Friday and regained the 1.4300 level despite disappointing readings coming from UK retail sales.
GBP/USD has risen more than 250 pips over the last hours ever since hitting a fresh 7-year low of 1.4078 on Thursday. Cable reached a 1-week high of 1.4350 in recent dealings and it was last trading at 1.4345, recording a 0.89% gain on the day.
The pound is on track to post a third daily gain in a row, what hadn’t happened since mid-November.
GBP/USD technical levels
On the upside, immediate resistances are seen at 1.4400 (psychological level) and 1.4426 (Jan 15 high). On the flip side, supports could be found at 1.4203/00 (Jan 22 low/psychological level) and 1.4078 (7-year low, Jan 21).
UK data mixed
On the data front, retail sales fell by 1.0% in December, against expectations for a 0.3% drop while YoY retail sales rose 2.6%, missing expectations for a 4.3% gain. A separate report showed that UK public sector net borrowing rose by £6.87 billion in December, less than the expected increase of £10.35 billion.
(Market News Provided by FXstreet)