The GBP/USD pair has declined following the release of stronger-than-expected US Retail Sales data. While the data did not significantly impact expectations for a 50 basis points (bps) Fed rate cut, it did weigh on the Pound Sterling (GBP).
GBP/USD Technical Analysis
The GBP/USD pair has a short-term bearish bias, but the Relative Strength Index (RSI) suggests that buyers are still in control. The first support level is 1.3146, followed by 1.3100 and 1.3001. On the upside, the pair faces resistance at 1.3200 and 1.3266.