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Forex pairs in this Article » GBP/USD (Edinburgh) - The selling interest is now dragging the GBP/USD below the key support at 1.6100 on Thursday after UK retail sales during august disappointed investors.

GBP/USD weaker through 1.6100

Retail Sales in the British economy expanded at an annual pace of 2.1% and contracted 0.9% inter-month, both prints missing the median at 3.3% and 0.4%, respectively. Excluding the Fuel component, sales also came in short of expectations, falling 1.0% MoM and advancing 2.3% over the last twelve months. However, analysts at UBS remain bullish on the pair, adding, “Resistance is at 1.6179, a break above which would open the way to 1.6381. Support is at 1.5893”.

GBP/USD relevant levels

As of writing the pair is retreating 0.30% at 1.6096 with the next support at 1.6040 (high Jan.17) followed by 1.6008 (high Jan.18) and then 1.5893 (low Sep18). On the upside, a surpass of 1.6164 (high Sep.18) would aim for 1.6182 (high Jan.11) and finally 1.6255 (high Jan.3).
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