GBPUSD trades higher for the fourth consecutive session as the USD liquidity normalized after the massive intervention by the Fed earlier this week. Weak economic data out of the UK ignored by investors. The UK Retail Sales came in at -0.3% below the expectations of 0.2% in February. The yearly reading for Retail Sales came in at 0% below the market consensus of 0.8%. Excluding fuel, the Retail Sales came in at -0.5%, also below the forecasts of -0.2%.
Rishi Sunak announced a relief package to compensate more than two million workers affected by the coronavirus crisis. Earlier today Boris Johnson announced that he tested positive in the coronavirus with mild symptoms. GBPUSD on the news slumped to 1.2129 but very quickly managed to rebound to previous levels.
On the technical side, the first resistance for the pair stands at 1.2305 the daily high. More pressure will be met at 1.2420 the high from March 16. On the downside, immediate support for GBPUSD will be met at 1.2129 the daily low. If the pair moves below, the next support area stands at 1.1775 the low from yesterday’s trading session.