GBP/USD: Sterling eased, extending losses for the third straight session on speculation the Bank of England will soon ease monetary policy in response to growing worries about the global economy and Britain’s exit from the European Union. The major is likely to remain on the downside after data released earlier showed, sales at British retailers rose at their slowest average pace on record over the past year as worries about Brexit dented consumer sentiment.
The major traded eased to 1.2504, having hit a low of 1.2481 on Friday, it’s lowest since Jan. 3. Investors’ attention will remain on development surrounding Brexit, ahead of the U.S. fundamental drivers.
Immediate resistance is located at 1.2564 (June 18 High), a break above could take it near 1.2613 (10-DMA). On the downside, support is seen at 1.2481 (July 5 Low), a break below targets 1.2445. Against the euro, the pound was trading 0.1 percent down at 89.65 pence, having hit a high of 89.19 last week, it’s highest since Jun. 25.
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