GBP/USD flirting with session lows on UK data, near 1.4170
- Cable gains extra downside pressure in the wake of UK’s Retail Sales.
- The pair is extending the leg lower after recent 2018 peaks.
- UK’s Retail Sales missed expectations during March.
The selling bias around the Sterling is now accelerating and is dragging GBP/USD to the area of daily lows in the 1.4170/65 band.
GBP/USD weaker on data
Cable tumbles further after UK’s Retail Sales contracted at a monthly 1.2% in March and expanded 1.1% over the last twelve months, both prints coming in below initial forecasts.
Further data saw Core Retail Sales also missing consensus, contracting 0.5% inter-month and expanding 1.1% on a yearly basis.
In the meantime, Cable is prolonging the rejection from the 14380 region – or fresh post-Brexit tops – recorded on Tuesday, at the same time clinching the third session in a row with red figures.
GBP/USD levels to consider
As of writing, the pair is losing 0.19% at 1.4175 and a break below 1.4162 (low Apr.19) would aim for 1.4145 (low Apr.12) and then 1.4013 (55-day sma). On the upside, the next hurdle emerges at 1.4377 (2018 high Apr.17) seconded by 1.4516 (high Mar.18 2016) and finally 1.4568 (monthly low Apr.2015).