GBP/USD breaches 1.3200 post-UK data

The Sterling has eroded its initial gains and is now sending GBP/USD to the lower bound of the range below the key support at 1.3200 the figure.

GBP/USD weaker on poor UK results

The pair met a wave of selling pressure after UK’s Retail Sales have contracted 0.9% during June, more than initially forecasted. Sales stripping the Fuel component have followed suit, also contracting 0.9% on a monthly basis.

Further UK releases saw the Public Sector Net Borrowing at £7.3 billion vs. £9.20 billion expected, while the Public Sector Net Cash Requirement has come in at £14.55 billion.

GBP/USD levels to consider

As of writing the pair is retreating 0.16% at 1.3184 with the immediate support at 1.3065 (low Jul.20) followed by 1.2849 (low Jul.11) and then 1.2797 (20916 low Jul.6). On the flip side, a break above 1.3481 (high Jul.15) would aim for 1.3535 (high Jun.29) and finally 1.3646 (38.2% Fibo of 1.5020-1.2796).