UK’s BRC like-for-like retail sales increased which was the strongest growth since 2018. Industrial Production, Manufacturing Production and Visible Trade Balance will be released today and the US will publish Consumer Price Index.
The support rests at 1.25140 with resistance at 1.25740 which both lines are below the weekly pivot point at 1.25860. The EMA of 10 is moving with bearish bias in the ascendant channel and it is above the EMA of 200 and the EMA of 100. The RSI is moving below level 50, the Stochastic is moving in low ranges and the MACD line is below the signal line in the negative territory. The ADX is not showing any clear signals.
The support level breakthrough will confirm the correction pattern targeting level 61.8 of Fibonacci at 1.24100; otherwise, GBPUSD will grow to 1.26500.