Sterling soars on US retail sales data


The GBP/USD is hitting fresh session highs as weak US data sent the currency pair up through strong resistance. Cable had been volatile but range bound before breaking the level of 1.5365-1.5385 on the release of the data at 14:30 CET. On a daily chart this Bullish reversal from yesterday looks positive for the Pound as it continues its move higher.

 Since hitting support around the 1.51 handle at the end of last month GBPUSD has moved steadily higher. The next levels of resistance to look out for lie around the 1.55 level, as taken from the July/August lows and above that 1.5670.