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GBP/USD feeds of sales and ignores higher US yields

The GBP/USD closed at 1.2602 on Friday and overall it was buoyed into the weekend by the much stronger than forecast UK retail sales data. That data seemed to transcend the news; that the UK fell into a recession in Q4, 2023 and further cooling in UK consumer and retail price inflation. The close on Friday was once again back above its 200 day moving average (then in place at 1.2566). That said the slightly wider price action remains camped inside a 1.25-1.28 range and that has been the case since the start of the year. The pound has made a little more progress in Asian trading today, reaching 1.2627 so far. The next technical resistance level of note is now at 1.2649 (current 21 day moving average) and thereafter, at 1.2678 (current 50 day moving average). Support resides at 1.2566, which is where the unchanged 200 day moving average is in place again today. The GBP/USD is currently trading at 1.2624 

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