FXStreet (Edinburgh) – The sterling keeps pushing higher on Thursday, now lifting GBP/USD to fresh ytd peaks in the 1.5920/25 band.
GBP/USD stronger on UK data
The pair extended its upbeat momentum after retail sales in the UK economy has unexpectedly expanded 0.2% from April to May vs. forecasts for a flat reading. Core retail sales, excluding the Fuel component, also followed suit, up 0.2% vs. 0.1% previously estimated.
The data add to the upside sentiment following yesterday’s tone from the BoE minutes. Ahead in the week, UK’s Public Sector Net Borrowing is due tomorrow (£10.05 billion exp.).
GBP/USD key levels
At the moment the pair is up 0.43% at 1.5901 and a break above 1.5940 (high Jun.18) would open the door to 1.5945 (high Nov.11) and then 1.6000 (psychological level). On the other hand, the next support lies at 1.5727 (23.6% of 1.5191-1.5893) followed by 1.5542 (low Jun.16) and finally 1.5488 (low Jun.15).
(Market News Provided by FXstreet)