GBPUSD Retreats From 3 Week Highs

GBPUSD turned lower at 1.2213 after the pair rejected at 1.2260. The pair last week got a boost from the UK Retail Sales which rose 0.2% m/m in July beating forecasts, suggesting that the British economy is in better shape than investors feared.

GBPUSD correction stopped at 1.2193 and started a rebound that as of writing the pair is trading at 1.2213. On the upside immediate resistance now stands at 1.2272 yesterday’s high while more offers will emerge at 1.2383 the high from July 27th.  Intraday traders can enter a long position if the pair breaks above 1.2260 daily high, targeting a break above 1.23, a stop order should be activated at 1.22 or 1.2193 the daily low. Short positions targeting below 1.22 should place stop loss orders at 1.2260. The recent correction from three week highs cancels the recent positive bullish momentum for the pair and now only a move above 1.2272 can attract more bids.Don’t miss a beat! Follow us on Telegram and Twitter.

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