Sterling rallied after stronger then expected retail sales with actual -0.2% vs. predictions -0.5%. The cable was tempered by stronger US data before an industry report which may show drop in U.S. home sales for a second month. .Looking ahead, revised GDP is out today with the markets looking for 0.4%.
Tech View:
pound is expected to trade in the range of 1.9760-1.9850 levels for the day. currency has its support at 1.9740 levels and holds resistance at 1.9870 levels .Chart pattern shows an formation of inverted head and shoulder formation giving confirmation on the bull trend. stochastic and RSI is also supporting the bull trend. But caution is required as they are in overbought level.
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