The GBPUSD is tilting higher in the Asian session as traders wait for the UK retail sales data. It is up by 0.11% and trading at 1.3276.
The UK will release the October retail sales and public sector net borrowing numbers at 07:00 GMT. Analysts believe that the country’s overall sales rose in October as people rushed to buy in anticipation of new lockdowns. In total, they see the overall sales and core retail sales rising by an annualised rate of 4.2% and 5.9%, respectively.
These numbers will come a day after the chief Brexit negotiators postponed negotiations after some members of the team tested positive for the virus.
GBPUSD technical analysis
The GBPUSD has been on a strong uptrend as shown in the 30-minute chart below. The price is 0.60% higher than yesterday’s low of 1.3196. It is also 0.25% below Wednesday’s high of 1.3311.
I suspect that the pair will continue rising before the UK retail sales data, as bulls aim for the first resistance level of the standard pivot points at 1.3300. Also, I expect the rally will continue if the sales numbers beat the consensus, with an upper target
On the flip side, if the numbers miss by a big margin, we could see a pullback to the important support level at 1.3246.
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GBPUSD technical chart
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