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GBP/USD drops to lows on UK data

FXStreet (Edinburgh) - The pound is now deflating further following the poor UK Retail Sales during March, with GBP/USD testing session lows around 1.4960.

GBP/USD weaker after data

The pair came into further selling pressure after Retail Sales in the UK economy missed expectations during last month. In fact, headline sales contracted 0.5% inter-month and gained 4.2% on a yearly basis, while excluding the Fuel component, sales expanded 0.2% MoM and 5.0% over the last twelve months.

Further UK data saw Public Sector Net Borrowing coming in at £6.741 billion in March vs. £4.801 billion in the previous month.

GBP/USD relevant levels

At the moment the pair is retreating 0.48% at 1.4963 with the next support at 1.4915 (hourly low Apr.22) ahead of 1.4857 (low Apr.21) and then 1.4813 (low Apr.16). On the upside, a breakout of 1.5052 (55-d MA) would target 1.5080 (high Apr.22) en route to 1.5155 (high Mar.18).

EUR/GBP spikes to 0.7163 on poor UK data

The British pound gets hammered by the shared currency in the European morning; pushing EUR/GBP to fresh session highs, after disappointing UK retail sales numbers dragged sterling further in to losses.
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EUR/CHF: strong recovery suggests potential to test 1.0544 – Commerzbank

Karen Jones, Head of Technical Analysis at Commerzbank, the strong recovery seen in EUR/CHF remains supportive of a move towards 1.0544 if the pair holds above 1.0350.
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