GBP DECLINES

.GBP rose the most against the Euro in more than a week after a government report today showed UK retail sales grew faster than forecast reducing the scope for further interest rate cuts. Gains were seen in sales of 4.6% . The pound did decline against the dollar as positive U.S data and growing speculation the Fed will leave rates on hold at 2.25% fueled the resurgence. Looking ahead for the day are the Q1 GDP figures with forecasts of 0.4% growth compared to 0.6% growth for Q4. GDP y/y is also forecast to be trimmed to 2.6%
TECH VIEW
GBP is expected to be downside for the day .currency has good support at 1.9680 and holds resistance at 1.9770.the trading range is expected between 1.9690-1.9750 levels. the momentum signals the currency to have an downward correction. sterling is seen trading below the fast moving averages and stochastic gives the clues for the currency to trend downside.