British Pound Sights New Highs Against The Dollar
Key Highlights · The British pound managed to gain traction against the US dollar and traded higher. · There is a bullish trend line formed on the 4-hours chart of the GBP/USD pair, which is acting as a support zone. · Today in the UK, the British Retail Consortium (BRC) Retail Sales Monitor was released. · The forecast was slated for a minor increase in July 2016, compared with July 2015, and it came in at -0.9%.
GBP/USD Pair Technical Analysis The British pound enjoyed decent gains against the US dollar recently and traded above 1.3300. The GBP/USD pair is currently trading with a positive sentiment, and looks poised for more gains.
GBP/USD 4-Hour Chart
As mentioned, there is a bullish trend line formed on the 4-hours chart of the GBP/USD pair, which acted as a buy zone for the bulls earlier and may continue to provide support in the near term.
There is a chance of a minor dip from the current levels, but the 38.2% Fib retracement level of the last wave from the 1.3059 low to 1.3374 high may act as an initial support area for GBP/USD.