Sterling’s recovery attempts have failed to find a significant acceptance above the 1.2500 level earlier on Monday.
Pound’s failure to break resistance at 1.2500 leaves bears in control. Strong US retail sales figures have pushed the pair back to the bottom of the monthly channel, at 1.2440. Below 2.1430, the next support levels are 1.2370 and 1.2220. The pair has succumbed to the broad-based US Dollar strength after the release of upbeat US retail sales figures. US Consumer spending has beaten expectations in MArch adding to the evidence of a strong US economic outlook.
A clear break of that support area clears the path towards 1.2370. Further down there is no support until 1.2220. On the upside 1.2505 level should be cleared to advance towards 1.2565, where an unmitigated order block may provide a fresh boost for bears. GBP/USD 4-Hour Chart GBP/USD Overview Today last price 1.246 Today Daily Change 0.0011 Today Daily Change % 0.09 Today daily open 1.2449 Trends Daily SMA20 1.263 Daily SMA50 1.2655 Daily SMA100 1.2669 Daily SMA200 1.
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