•1.2120 is providing support
•There is resistance at 1.2447
Further levels in both directions:
•Below: 1.2120, 1.1954 and 1.1844
•Above: 1.2447, 1.2525 and 1.2612
•Current range: 1.2120 to 1.2447
GBP/USD ratio is unchanged on Friday, consistent with the lack of movement from GBP/USD. Currently, long positions have a solid majority (60%). This is indicative of trader bias towards GBP/USD breaking out and moving to higher ground.
GBP/USD is unchanged in the Friday session, continuing the lack of activity seen on Thursday. Early in the North American session, the pair is trading at 1.2230. On the release front, the markets have plenty of US numbers to digest, as retail sales and inflation readings were strong. Retail Sales rebounded from a decline last month, posting a strong gain of 0.6%. and matching the forecast. Core Retail Sales improved to 0.3%, edging above the estimate of 0.2%. PPI climbed 0.3%, beating the estimate of 0.2%. Later in the day, we’ll get a look at the UoM Consumer Sentiment report. The markets are expecting the indicator to climb to 92.1 points.