GBP/USD ahead of retail sales
GBP/USD is consolidating in the $1.6800. In an hour the UK is due to release retail sales data for March (forecast: -0.4%; previous: +1.7%). Sterling remains resilient despite the expectation of a dip in data. As there are a lot of bullish position, figures worse than expected may cause rather fierce profit taking making the pair vulnerable for a slide. Support is at $1.6750, $1.6685 and $1.6650. At the same time, a positive surprise or a reading in line with expectation can bring pound to the new highs in the $1.6877/6900 area.
Chart. Daily GBP/USD