GBPUSD Forecast and Analysis UK Retail Sales Data Ahead

Our latest GBPUSD trade reached all the targets and GBPNZD trade is working as predicted.

I have explained the reasons of bullish run of Sterling. I will not re-write here in this artcile.

We will have UK Retail Sales data today. As the last trading day of the week, Fridays are labeled as “profit taking” days.

As seen on the below H4 Chart, a bearish Black Swan pattern is completed.

The target of the formation is 1.29400 and 1.28800.

However, 1.29400 is a strong intraday support. Only a clear break – a negative UK Data – may send the price below 1.29400.

RSI on the H4 chart headed south but it is not in the overbought territory.

The upside is capped by 1.30000 physicological resistance. A better than expected data may send Cable toward 1.30600.

Key Levels:

Downside: 1.29400 1.29000 1.28780 and 1.28170 Key midterm support

Upside: 1.30000 1.30580 1.31180

We will wait for UK data and update.

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GBPUSD: Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. Chartreaderpro does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility