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Forex pairs in this Article » GBP/USD (London) - GBP/USD had bounced on better than expected retail sales numbers.

Retails sales came in much better than expected, at 1.9% vrs 0.2% expected (YoY) for May and 2.1% vrs 0.8% expected month on month. These numbers will have benefitted from the 4% month on month plunge in food store sales, warmer weather and corporate result for May, with a push higher in the services PMI rebound story. Sterling jumped much higher to eventually find offers against 1.5473 and currently the pair are heading south again, steady at 1.5445/50. Next up are US numbers in the afternoon. Initial Jobless Claims (12.30GMT) Markit Manufacturing (12.58 GMT), Existing Home sales Change and Philly Fed (14.00GMT).

GBP/USD looking bearish

GBP/USD is trading above key support 1.5404 EMA50, printing a low of 1.5410 so far, with indicators in the red. Next support is the 61.8% fib at 1.5377, and 1.5307 as 50%fib, targeting in broader terms 1.5008 and 1.4833 to the down side.
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