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).