FXStreet (Mumbai) – The GBP/USD pair rose above 1.5876, which is the 50% Fib Retracement of 1.7190-1.1465 ahead of the data in the UK, which could show retail turnover stalled in May. The pair clocked a high of 1.5903.
GBP/USD nears 1.59
The spot now trades within a touching distance from 1.59 handle. The bid tone on the GBP continues to strengthen in the European session on the back of an upbeat hourly earnings data released on Wednesday followed by a dovish FOMC statement.
The pair is now up for the ninth consecutive session, its biggest rally since April 2012. However, a weaker-than-expected UK retail sales data could trigger a much needed correction in the pair. Ahead in the day, the investors would also take cues from the US weekly jobless claims and CPI data.
GBP/USD Technical Levels
The spot has an immediate resistance at 1.5941, above which gains could be extended to 1.60. On the flip side, a break below 1.5876 could drive the pair lower to 1.5813.
(Market News Provided by FXstreet)