FXstreet.com (Barcelona) - The Pound's rebound at 1.6375 Wednesday's low, spiked up to levels above 1.6600 on the back of higher than expected retail sales, which posted the highest increase since May last year, reaching intra-week high at 1.6610 to drawback to levels around 1.6570 shortly afterwards.
Retail sales have increased 0.4% in July and 3.3% year on year, beating market consensus of a flat monthly performance and a 2.5% year on year increase. June's sales have been upwardly revised to a 1.3% monthly increase and a 3.1% yearly increase.
The Pound lies now around 1.6670, with next resistance area at 1.6595/00 area, and above here, 1.6660 (Jun 3 high). On the downside, initial support lies at 1.6500 intra-day low, and below here, 1.6430 (Aug 10 and 11 low), and 1.6390 (Aug 12 low).