GBPUSD: Bears eye a trip to 1.3450 as per weekly chart
for the first time in nearly a month. Moreover, the Relative Strength Index indicator on the same chart is still above 30, suggesting that there is more room on the downside before the pair becomes technically oversold.Resistances are located at 1.3600 and 1.3650 . GBP/USD has lost its traction early Friday and declined below the key 1.3600 support area, attracting bears. The near-term technical outlook suggests that the pair could extend its slide ahead of the weekend and 1.
Earlier in the session, the UK's Office for National Statistics reported that Retail Sales in December declined by 3.7% on a monthly basis. This print missed the market expectation for a decrease of 0.6% by a wide margin. Although GBP/USD's initial reaction to this print was largely muted, the UK's FTSE 100 opened deep in the negative territory and weighed on the pair. As of writing, the index was losing more than 1% on a daily basis.
On the other hand, the benchmark 10-year US Treasury bond yield is edging lower for the third straight day on Friday, limiting the greenback's gains for the time being. Nevertheless, investors are likely to favour the dollar over the British pound in the risk-averse market environment, at least in the short term, regardless of US T-bond yields' action.Interested in weekly GBPUSD forecasts? Our experts make weekly updates forecasting the next possible moves of the pound-dollar pair.
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