From a technical perspective, GBP/USD has been carving symmetric and measured moves since the February 29 low at 1.3836. This doesn’t mean that moving forward the waves will continue to be symmetric, but it does help us focus on some higher probability patterns at play.
Fundamentally:
Another contraction in U.K. Retail Sales may dampen the appeal of the British Pound and drag on GBP/USD as signs of a slowing recovery provides the Bank of England (BoE) with increased scope to retain the record-low interest rate throughout the near to medium-term. The figures came out as a miss down -1.3% MoM