- GBP / USD continues to advance albeit below 1.3300.
- USA: slight rise in retail sales and industrial production exceeds expectations.
The Dollar weakness is supporting the GBP / USD gains on Tuesday, with which it accumulates three consecutive sessions with rises. The price climbed to 1.3272, reaching the highest level in six days. Then it fell slightly and for hours it has been moving around 1.3250, validating gains.
The pair maintains the bullish bias, although to enable more raises and reaffirm the tone it will have to break and stay above the strong barrier of 1.3300. In the opposite direction, 1.3175 appears as strong support and below the next one is the 20-day moving average at 1.3095, which coincides with the area around 1.3100, the low of last Thursday and Friday.
The GBP / USD rises on Tuesday are supported by the weakness of the dollar and also the pound, that by a slight difference, is among the best performers in Europe. Brexit negotiations remain the key issue for the British currency.
As for the dollar, the fall in stocks is not stimulating it, and neither are the yields on Treasury bonds. Economic data from the US showed mixed figures. The one that affected the most was the rise of only 0.3% in October in retail sales, which was below expectations and also the September data was revised downwards. Industrial production rose more than expected, by one tenth of 1.1% vs. 1.0%.
Technical levels
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