$GBPUSD moves lower than back higher on Retail Sales
The GBPUSD is having trouble defining a trend today. The price moved higher initially, corrected lower and is back up but off the highs. The pair closed last week at the 1.6692 level last Friday. The high reached 1.6750 and declined to a low of 1.6668.
From a technical perspective, the price corrected to test the 100 and 200 bar MA on the 5 minute chart at the 1.6708 level post the Retail Sales number this morning. The two moving averages come in at the 1.6708 and 1.6711 level respectively. The price has been above and below these moving averages a few times today indicating a non trend bias. The moving averages are converging as well which is another indication of non- trending. Since the last dip held the moving average the bias is positive for the pair as long as the price remains above these level. The topside resistance comes in at the 1.6749 and then 1.6796.
A dip below however, should lead to further downside pressure. The close at 1.6692 would be the support followed by 1.6660/70 area where there have been a number of lows over the last 24 trading hours. The 100 hour MA at he 1.6650 level should also attract downside bids at the area (blue line in the chart below). With stops on a move below.
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