GBP/USD after hitting resistance at 1.465 on the Daily Chart

gbp2GBP/USD (current price: 1.4595)

The Pound staged  a volatile but flat day following the wild ride on Wednesday. The monthly Retail sales number beat expectations by a big margin, as the report showed an expansion of 1.2% compared to the consensus estimate of 0.6%. The pair traded as high as the strong resistance near 1.465 in early trading, just to fall back to unchanged on the day in the afternoon. Cable is still in a well-defined rising trend channel with support at 1.448 and resistance found at 1.465.

Our assessment: GBP/USD is still holding up well in the face of the recent rally in the Dollar despite the mixed signals from the British economy. Brexit fears eased even more on Wednesday, and the Pound still has room to rise in the coming weeks.

20may1

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