The Great Britain Pound (GBP) extended downside movement against the US Dollar (USD) on Thursday, for the seventh day in a row, dragging the price of GBP/USD to less than 1.7015 following the retail sales news. The sentiment however remains bullish due to Higher High in the recent upside rally.
As of this writing, the pair is being traded near 1.7013. A support may be noted around the current level, the 23.6% fib level ahead of 1.6950, the 55 Simple Moving Average (SMA) and then 1.6913, the 38.2% fib level as demonstrated in the following chart.
On the upside, the pair is likely to face a hurdle near 1.7095, the intraday high of yesterday ahead of 1.7191, the swing high of the last major rally. A break and daily closing above the 1.7191 resistance area could spur a renewed buying interest, validating a fresh rally towards the 1.7300 milestone.