Forex: GBP/USD prints fresh weekly highs, knocks 1.4950

Being the weakest currency among majors for the week, Pound has finally broke above the 1.4915 level triggering some stops in thin market conditions, last at 1.4948, fresh weekly highs, above previous Monday's highs. Cable has recovered from fresh 2.5-year lows at 1.4930 following poor domestic data in the London morning session, still almost -8% for the year. Key risk event ahead for the day will be US retail sales, at 12:30 GMT given recent time shift.

“GBP/USD bearish trend remains intact,” says Valeria Bednarik, Chief Analyst at Fxstreet.com, adding: “The hourly chart shows indicators heading lower around their midlines, while price hovers around 20 SMA, overall neutral in the short term. Bigger time frames however, present a clearer bearish stance, with a break below 1.4830 exposing key static support in the 1.4750/70 area for today,” the analyst notes.

Support levels are located by Valeria at: 1.4870, 1.4835 and 1.4810, while resistance levels: 1.4910, 1.4940 and 1.4990.