Forex: GBP/USD dips below 1.6200 on weaker than expected retail sales

By IBTimes Staff Reporter | January 22 2010 4:45 AM

FXstreet.com (Barcelona) - Pound's recovery from Yesterday's low at 1.6125 has been capped at 1.6285 high on European session, and the pair's pullback has extended below 1.6200, to 1.6585 after a weaker than expected increase on UK retail sales.

Sponsorship Link

Retail sales have increased 0.3% in the UK in December, and 2.1% compared to the same month last year, disappointing market expectations of a 1.3% monthly increase and a 3.2% year on year advance.

Support levels, below 1.6200, lie at 1.6165 (session low) and below here, 1.6125 (Jan 21 low) and 1.6085. On the upside, resistance levels lie at 1.6285 session high, and above here, 1.6310 (Jan 13/21 high) and 1.6355 (Jan 15 high).

.