Data coming from the UK has been improving consistently since the Brexit vote. This of course does not mean all is rosie, however what it does mean is that the BoE are going to be under pressure to eventually raise interest rates if CPI keeps ticking up. We know that wage growth is a concern for the so we too will keep an eye on this data over the coming months. todays retail sales beat expectations which caused the GBP/USD to break through 13000 level. This level is a new high since September last year.
Since the last push and break through 13000 we have seen a 50% fibonacci pull back on the 1 hour chart which gives us a nice area of confluence and the psychological number at 13000.
stop loss:- 12920
take profit:- 13145