GBPUSD Rebounds Above 1.21 Helped By Better Retail Sales
GBPUSD trades 0.18% higher at 1.2118 after yesterday the UK Retail Sales rose 0.2% m/m in July beating forecasts, suggesting that the British economy is in better shape than investors feared.
GBPUSD managed today to breach above 1.21 regaining the short term positive momentum. The last hour the pair breached above the 200 hour moving average, giving the bulls something to hope. On the upside immediate resistance stands at 1.2249 the high from July 31st while more offers will emerge at 1.2383 the high from July 27th. Intraday traders can enter a long position if the pair breaks above 1.2127 daily high, targeting 1.22, a stop order should be activated at 1.2073 the daily low. Short positions targeting below 1.21 should place stop loss orders at 1.2127. All in all the pair builds on positive momentum and needs o hold above the 1.21 mark before an attempt higher.