FXstreet.com (Córdoba) - Greenback is extending its gains across the board following the report on retail sales. GBP/USD tumbled below 1.6300 and fell to 1.6215, reaching a fresh intra-day low. Cable erased previous gains and is getting closer to the 1.6200 level, below, the next support lies at 1.6165 (intra-week low). Currently the pair trades at 1.6224/28, 0.30% below today's opening price.
Valeria Bednarik, Fxstreet.com collaborator, affirms: Quickly falling pair remains still inside past days' range, quoting barely under 1.6250 strong level. Bearish in the hourly chart, with indicators support further falls and under 20 SMA pair needs to clear next support around 1.6200 to extend the fall; bigger time frames indicators had lost bullish strength and turned down supporting the bias.
Adam York from Wells Fargo Investments, LLC comments on retail sales: Holiday sales are off to a much better start than the market had originally been looking for. Sales in the holiday categories were up 0.7 percent in November and are already running above last season's levels. Barring a major collapse of sales in December, retailers should see gains this holiday season.