- Limited rides on the forex market on Friday.
- GBP/USD fails to get back above 1.2400.
- Despite falling on Friday, the pair is still positive for the week.
GBP/USD is falling on Friday and is trading in the daily low area below 1.2350. After trying unsuccessfully during the Asian session to break above 1.2400, the pound lost momentum and fell back.
Friday is being a day of limited tours in the currency market. The dollar presents mixed results, while the yen and the Swiss franc and yen are among the worst on a broad rise in sovereign bond yields.
In it The United Kingdom reported a drop in retail sales in December of 1%, which was surprising since an increase of 0.5% was expected. In the US, the existing home sales report will be published on Friday. The US data is not being clear, as on Wednesday retail sales and industrial production showed larger-than-expected falls and on Thursday, jobless claims and the Philly Fed gave positive signals.
The GBP/USD could not be confirmed this week above 1.2400, nor break the December high of 1.2450. In any case, ending the week at current levels would be the highest closing in this period since May of last year. The bias remains bullish, but the pound needs to consolidate above 1.2400 to enable further gains.
technical levels
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
