GBPUSD: Waiting for new price increase!
The GBP/USD pair lost its recovery momentum around the 1.2695 mark early in the Asian session on Friday. The major currency pair gradually declined after pulling back from the recent high near 1.2760 amid renewed demand for the U.S. Dollar. Later on Friday, the UK retail sales, U.S. durable goods orders, and the Michigan consumer sentiment index will be released.
If the key indicators push the pair below 1.2700, the next support level will be the May 21 low of 1.2686, followed by the May 16 low of 1.2643, and then the psychological level of 1.2600.
Conversely, if buyers push the exchange rate above 1.2746, it will lead to a test of the weekly high at 1.2761. Further strength could see the pair targeting the 1.2800 level.
If the key indicators push the pair below 1.2700, the next support level will be the May 21 low of 1.2686, followed by the May 16 low of 1.2643, and then the psychological level of 1.2600.
Conversely, if buyers push the exchange rate above 1.2746, it will lead to a test of the weekly high at 1.2761. Further strength could see the pair targeting the 1.2800 level.
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