Traders are marking the BOE hike column with another tick after good consumer data
GBPUSD, and the pound in general, is keeping a bid after the good sale numbers but we’ve topped out at 1.3606, and failed to build a base in 1.3600. Even as I type, we’ve broken back below yesterday’s highs at 1.3565, and that’s not such a great signal.
The next support is at 1.3550 and that could be tested if we hold below this 1.3565/70 area. A failure there and we’ll be back down to the pre-data range.
Look for 1.3590 to offer fresh resistance should we attempt another run higher.