GBP/USD offered into NA open

FXstreet.com (Barcelona) - Retail Sales printed 0.2% MoM for July vs 0.3% expectations, while ex autos came in slightly better than expectations at 0.55 vs 0.4% MoM for July. The pair continued to slide yesterday from the opening of the London shift right through to the late hours of Asia and printed a low of 1.5447. While offered again in NA, the markets are keenly anticipating the BoE minutes coming up tomorrow looking for further notes contained around ‘forward guidance’. The real matter and debate there is whether Carney had done enough to dampen yields, or whether they would be any higher without his comments within the Inflation Report last week due to the very strong UK data of late.

GBP/USD mixed

Analyst, Axel Rudolph, strategist at Commerzbank, said last week’s rally looks directional, however, and “we still have to allow for a stab to 1.5605/42, the May peak and uptrend channel resistance line. If overcome, a challenge of the 1.5752/55 June high and the 200 week moving average could still be seen. GBP/USD will remain bid while trading above the two month uptrend channel line at 1.5217”. GBP/USD 20 dma 1.5343, 50 dma 1.5343, 200 dma 1.5528. RSI (9) reads 59.65. Supports are ascending from 1.5281, 1.5332, 1.5375 and 1.5435. Spot is currently at the time of writing 1.5452 while resistances are 1.5492, 1.5521, 1.5574 and 1.5616.