British Pound managed to hold uptrend movement after the drop correction yesterday where managed to break above 1.3105 and facing now resistance 1.3175 after better than expected UK Retail sales.

  The pound is under pressure as the BoE relaunched its quantitative easing program.

  The Sterling was unable to maintain trade above 1.30 yesterday, but, as expected, managed to find support around the 1.2950 mark. Even though the weekly S1 and the Bollinger band keep providing immediate support, risks are still skewed to the downside. A number of US fundamentals later today could provide the impetus for another leg down, however, a rally is also possible. Technical indicators somewhat support this outlook, as they are no longer giving bearish signals in the daily timeframe. The 1.3050 is likely to be the ceiling in case of a bullish development, while the nearest resistance rests only around 1.3160.

  British Pound managed to hold downtrend wave as market sustain trades below resistance (1.3200) as we advised last week.

  Amid weak US GDP figures the Cable was able to edge higher on Friday, completely erasing all intraweek losses. The GBP/USD pair is expected to continue climbing up today, despite technical indicators retaining bearish signals both in the daily and the weekly timeframes. The pair is now supported by a strong cluster around 1.3170, represented by the 20-day SMA, the weekly and the monthly PPs, which is likely to prompt the exchange rate to eventually retake the 1.33 major level. However, we should not rule out the possibility of the Pound sustaining a minor loss of approximately 30 pips.