Pound rallies on stronger than expected UK retail data

Author: Mike Paterson | Category: News

 A big beat on UK retail sales data has seen the pound post gains 18 Aug

Strong offers/res around 1.3100 now history and we're testing the next tranche around 1.3130. More behind that at 1.3150. Gone already as I type...

EURGBP has now eaten through the good demand/support between 0.8625-30 and that's adding to the GBP demand. More support into 0.8600 then 0.8585

I'm not convinced still but will see what happens around these levels. Inclined to sell GBP still but in these thin markets one has to respect the price action/herding instinct/algos.

Caution advised given than market is already inherently short but selling GBP up here (1.3153/0.8610) somewhere should produce some value.

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