GBP/USD: bears in control, drops below 1.44

By FXStreet FXStreet (Mumbai) – The GBP/USD remains firmly in the grip of bears as it failed to take out the hourly 50-MA in Asia and now has dipped below 1.44 levels.

Eyes US data

The UK economic calendar is empty; hence the pair remains at the mercy of the overall market sentiment in Europe. Later in the day, the US advance retail sales number would throw a light on whether the consumption ticked higher during the festive season.

The US retail sales number may later March Fed rate hike bets and influence the overall demand for the US dollar. The pair currently trades around 1.4395; down 0.14% on the day.

GBP/USD Technical Levels

At 1.4410, the spot faces immediate resistance at 1.4416 (hourly 50-MA), above which the technical recovery could be extended to 1.4459 (hourly 100-MA). On the other side, a break below the daily low of 1.4391 would open doors for a re-test of 1.4372 (76.4% of Jan 2009 low-July 2014 high).
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Source:: FX Street