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Forex pairs in this Article » GBP/USD
FXstreet.com (Edinburgh) -The sterling is trading on a firmer footing on Thursday, lifting the GBP/USD to the vicinity of the psychological handle at 1.6000.

GBP/USD eyes on UK data

The pound is retracing yesterday’s pronounced decline post-US deal, coming back from a test of the relevant support at 1.5900 amidst a clear selling tone in the greenback. The sterling would be under the microscope later as UK Retail Sales are due. Prior surveys expect sales to expand at a monthly pace of 0.4% and 0.3% excluding fuel. “My outlook here is positive, for a rise towards 1.6130, en route to 1.6260. Initial intraday support is projected at 1.5997 and crucial on the downside is 1.5964 low”, suggested Stoyan Mihaylov, Analyst at DeltaStock.com.

GBP/USD levels to watch

As of writing the pair is up 0.28% at 1.5998 with the next resistance at 1.6064 (high Oct.16) ahead of 1.6122 (high Oct.9) and then 1.6124 (high Oct.8). On the downside, a breach of 1.5915 (low Oct.15) would aim for 1.5914 (low Oct.10) and finally 1.5893 (low Sep.18).
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