GBP/USD Might Face Strong Downtrend Ahead Of Retail Sales
FxGrow | Apr 21, 2016 06:48AM ET
GBP/USD might face a strong downtrend ahead of retail sales
The GBP/USD rally might have come to an end on expectations of weak retail sales and that the Bank of England (BOE) is going to adapt a dovish outlook for monetary policy. If the GBP/USD breaks the strong resistance level 1.1400 but then decreases, failing to expand its way higher and cutting 1.4300, it will trigger a downward movement to reach near-term support levels 1.4270 and 1.4225.
However, the GBP/USD needs a push above 1.4382 to terminate the bearish sentiment, and therefore the pair have confluence of resistance levels near 1.4440, 1.4480 and 1.4520.
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