GBP/USD: general analysis

Current trend

Yesterday, the GBP managed to strengthen against the USD despite a decline at the close of trading.
The National Statistics released UK Retail Sales data for October. After a 1.7% rise in September, the indicator came in at -0.6%, below the forecasted -0.5%. Retail Sales ex-fuel also fell by 0.9%, while analysts expected a decline by 0.5%.

Initial Jobless Claims statistics, released in the US, confirmed the forecast and indicated a decline from 276K to 271K in November. At the same time, according to Philadelphia Fed Manufacturing Survey, the index of manufacturing conditions came in at 1.9 points, well above the forecasted -1.0 and the previous -4.5 points.

Recent FOMC Minutes showed that a majority of Fed officials favor a hike in the US interest rates at the upcoming Fed meeting.

Support and resistance

Support level: 1.5254 (MA50).
Resistance level: 1.5335 (yesterday's high).

Trading tips

Short positions can be opened from the current level with the target at 1.5171 and stop-loss at 1.5250.