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Forex pairs in this Article » GBP/USD
FXStreet (Edinburgh) - Quite volatile session for the sterling so far, with the GBP/USD now cooling down in the region of 1.6670.

GBP/USD supported near 1.6600

Spot is posting gains for the first time in the week, after the buying interest seems to have turned up near the 1.6600 handle. Miserable results from UK retail sales during January had no significant effect on the pound except for a short-lived correction below 1.6620, which was rapidly reverted. “However, this has to be viewed in the context of the surge in sales in December (+2.5%) and the very wet weather experienced in January, which will have deterred consumers from venturing to the shops... With consumer confidence on a strong upward path, employment rising and wage growth starting to show some hints of life we look for the household sector to contribute strongly to GDP growth this year”, commented James Knightley, Analyst at ING Bank NV.

GBP/USD levels to consider

At the moment the pair is up 0.10% at 1.6668 with the next resistance at 1.6700 (high Feb.20) followed by 1.6734 (high Feb.19) and then 1.6741 (high Feb.18). On the flip side, a breakdown of 1.6637 (low Feb.20) would aim for 1.6599 (10-d MA) and finally 1.6594 (low Feb.13).
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