GBP/USD Hits Resistance

The pound pulled back after Britain’s retail sales registered a steeper drop to -1.3% in October.

The pair has met stiff selling pressure in the supply zone around 1.3510, a support that has turned into resistance after a failed rebound. An oversold RSI may cause a limited rebound.

However, a bearish MA cross on the daily chart suggests that sentiment is still pessimistic.

1.3380 is a key support to keep the sterling afloat. A bearish breakout may trigger an extended sell-off to last December’s lows around 1.3200.

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