GBP/USD on its way to 1.2400 post-UK data

The British Pound is now accelerating its daily correction lower, dragging GBP/USD to the vicinity of the 1.2400 key support.

GBP/USD weaker on poor data

The pair met a wave of selling pressure after UK’s headline Retail Sales have unexpectedly contracted at a monthly 0.3% in January vs. a forecasted 0.9% gain.

In addition, Sales stripping the Fuel component also missed expectations, dropping 0.2% inter-month vs. a 0.7% gain initially estimated.

Spot quickly plunged to session lows in the 1.2400 neighborhood, where it is currently looking to hold.

GBP/USD levels to consider

As of writing the pair is losing 0.61% at 1.2414 and a breakdown of 1.2379 (low Feb.15) would aim for 1.2344 (low Feb.7) and finally 1.2250 (low Jan.19). On the other hand, the next hurdle lines up at 1.2572 (high Feb.7) ahead of 1.2680 (high Jan.26) and finally 1.2715 (high Feb.2).

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