The UK sales data missed the expectations. The retail sales were up 2.6% in August vs 3.6% in July. Ahead of the data, the cable drifted towards the short-term crucial support level at the 1.6550 levels. A weekly close is below 1.6550; the bears will get super power to make the 1.6465, 1.6385, and 1.6365 levels. Until the pair closes above 1.6810, selling on an up move will mint the money in the short term.
In the near term, 1.67 will act as the crucial level for the trend determination.
Support is at 1.6550, 1.6465, and 1.6385.
Resistance is at 1.6640, 1.6675, and 1.6740.
The pair has been making lower lows and lower highs since the first trading session this week. As of now, the pair made a lower high today as well. The prices are closed and trading below the 12ema, negative for intraday. Until the price closes above 12ema in the h4 chart at 1.66, selling on an up move will mint money.
Resistance is at 1.66, 1.6630, and 1.6660.
The material has been provided by InstaForex Company - www.instaforex.com
