British Pound (GBP)

The Pound reached a two week high against the Dollar after data showed that U.K. retail sales surged 1.9 percent last month, almost four times what was forecast (1.9% vs. 0.6% forecast). This boosted speculation that the Bank of England will increase interest rates at some point this year. The GBP/USD's momentum this past week was bullish, and as long as the pair is trading above 1.6150 and above the 20 moving average on the daily chart, the pound remains very positive. Overall, GBP/USD traded with a low of 1.6148 and with a high of 1.6263. No economic data is expected today.

GBP/USD - Last: 1.6230

Resistance

1.6265

Support

1.6185

1.6120

1.6040

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