April 18, OctaFX – The British pound is trading close to the worst levels of the week against the US dollar as traders await the release of Retail Sales data from the United Kingdom economy.
GBPUSD technical outlook
The GBPUSD pair remains technically weak and will decline sharply if the 1.3030 support level is clearly broken. Bulls need to move price above the 1.3080 level to change the intraday sentiment surrounding the GBPUSD pair.
The GBPUSD pair is only bullish while trading above the 1.3080 level, key intraday resistance remains at the 1.3100 and 1.3126 levels.
If the GBPUSD pair trades under the 1.3030 level, key intraday support is found at the 1.2985 and 1.2940 levels.
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