GBPUSD Remains Bid Though bears took an early lead in the week,...

GBPUSD Remains Bid

Though bears took an early lead in the week, cable has remained bid thanks to the Bank of England (BoE). The BoE meeting minutes released yesterday morning were not as dovish as the market expected. As such, GBPUSD managed to rally after weakening into the release.

However, the market remains weary to strengthen the currency pair as the pair still fails to make a new high above 1.6200. The market awaits the release of UK retail sales. If better-than-expected expect cable to rally to 1.6250 which is also the 61.8% Fibonacci retracement level of this entire bear trend. I wouldn't be surprised to get a break of this level to test 1.6300 if retail sales surprises to the upside. However, if retail sales disappoint expect a move back towards 1.6000 with a break opening up a further breakdown to this week's downside targets.