GBP/USD forecast: In a strong recovery mode ahead of UK retail sales, BoE
The post-FOMC USD weakness helped the pair to continue scaling higher for the third consecutive session on Thursday. Market participants now look forward to the UK monthly retail sales data for some short-term (11:30)
The UK central bank (BoE) is anticipated to maintain status quo amid persistent Brexit uncertainties, turning this to be a rather non-event for the GBP traders. Later during the early North-American session, the US economic docket – featuring the release of Philly Fed Manufacturing Index and the usual initial weekly jobless claims, might influence the USD price dynamics and further collaborate towards producing intraday trading opportunities.
From a technical perspective, the pair has been in a strong recovery mode over the past couple of trading session and the ongoing momentum could further get extended towards 1.2750-60 heavy supply zone. A convincing break through the mentioned barrier might prompt some additional short-covering move and assist the pair to aim towards reclaiming the 1.2800 round figure mark.
Trading Central – GBPUSD : sentiment is a Buy to 1.2775 if above 1.2650.
Trading Central – GBPJPY : sentiment is a Buy to 137.69 if above 136.08.
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