Ahead – U.S. Retail Sales
With no British events on the schedule, the spotlight will be on releases out of the U.S. We’ll get a look at January retail sales at 13:30 GMT. The indicator is expected to remain unchanged at 0.3%. However, core retail sales, which posted a strong gain of 0.7% in December, is forecast to fall to 0.3%. Any unexpected readings could shake up the sleepy British pound.
Technical Analysis
There was a significant development on Wednesday, as GBP/USD broke above the key 1.3000 for the first time this week. On the downside, the 50-day EMA line is situated at 1.3009, followed by 1.3000, which has switched to a support role. Below, there is support at 1.2902. Lower, there is support at 1.2850, with the 200-day EMA is situated at 1.2845. On the upside, there is resistance at 1.3070, followed by resistance at 1.3170.