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Mixed data from UK CBI sees GBP/USD stall at session highs
Earlier this morning the GBP/USD rejected a break below the important and noted support at 1.2592 (200 day moving average). That level held firm for a second time today and that delivered a rebound to just above 1.2625. The latest distributive trades survey from the UK Confederation of British Industry (CBI) has just been released not led to any further upside yet. That is because this data was mixed. It showed a better than expected outcome of +2 compared to a prior -7 reading. However, sales within that data slowed to -25, from -15. So, that fact seems to have negated any positivity from the trades data. So, the GBP/USD has stalled on the topside for the time being. All the while that 1.2592 caps the downside there is potential for this rebound to hold, but a third attempt, if seen might deliver further downside. The GBP/USD is currently trading at 1.2625
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