Sterling eyes higher territory north of $1.35 ahead of retail sales
Supply-turned demand at $1.3629-1.3456 surrendered position last week, following a third consecutive weekly decline in the red. Month to date, November is down 1.3 percent. Couple this with price closing under a double-top pattern’s ($1.4241) neckline at $1.3669 in August, the weekly chart reflects a bearish technical outlook.
The double-top pattern’s profit objective—measured by taking the distance between the highest peak to the neckline and extending this value lower from the breakout point—delivers a downside target around $1.3093.
GBP/USD awaits Brexit talks, UK Retail Sales as bulls battle 1.3500 hurdle
GBP/USD prints four-day uptrend, taking bids around 1.3500 amid early Asian session on Friday. Although broad US dollar weakness and the recently firmer hopes of the Bank of England’s (BOE) rate hike keep buyers hopeful, upcoming UK Retail Sales for October and the key Brexit talks warrant caution.
After witnessing a softened UK rhetoric of Brexit, the European Union (EU) cheered its tough negotiating stance. However, U.K. Brexit minister David Frost said in the House of Lords on Thursday, per Bloomberg,