GBP/USD extends the drop

Friday, 20/01/2017 | 12:46 GMT-0

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The selling pressure around the Sterling is now picking up pace, prompting GBP/USD to retreat to daily lows in the proximity of 1.2280.

GBP/USD is weaker, post-UK data, eyes are on Trump. The pair shed nearly a cent from overnight tops in the proximity of 1.2370 to the current area of 1.2280, following a pick up in the demand for the US dollar and poor results from UK Retail Sales during December.

As of writing the pair is retreating 0.49% at 1.2284 and a break below 1.2250 (low Jan.18) would aim for 1.2014 (low Jan.17) and finally 1.1979 (low Jan.16). On the other hand, the immediate hurdle lines up at 1.2372 (high Jan.20) followed by 1.2415 (high Jan.17) and then 1.2437 (high Jan.6).

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Source: https://www.ag-markets.com/news/

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