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GBP/USD extends growth

On Thursday British pound found support on better-than-expected July UK retail sales (+1.1% m/m vs. forecast +0.7% and June + 0.2%). The year-on-year reading came at 3.0% y/y vs. 2.5% consensus and beating previous 2.2% reading. 

GBP/USD jumped to $1.5590, extending the upside and testing the levels above the $1.5575 resistance. However, the move was not strong enough to break above the $1.5600 hurdle.

We are ready to buy the cable on a break above $1.5600/10 area (May highs). Near-term support lies at $1.5550, $1.5520 and $1.5500/1.5490. 

Chart. H1 GBP/USD

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