Despite rebound from the low of 1.3138, the subsequent failure in Asia at the rising trend line resistance suggests a move below Asian session low of 1.3228 could yield a fresh drop to 50-DMA support of 1.3162.
On a slightly larger scheme of things, bearish invalidation is seen only above 1.3347 (Sep 12 high).
Macro data
UK retail sales for the month of August are expected to have ticked higher. Strong figure could help Pound re-test 1.33, but reckon the resistance at 1.3347 would hold on account of caution ahead of BOE meeting later today.
On a slightly larger scheme of things, bearish invalidation is seen only above 1.3347 (Sep 12 high).
Macro data
UK retail sales for the month of August are expected to have ticked higher. Strong figure could help Pound re-test 1.33, but reckon the resistance at 1.3347 would hold on account of caution ahead of BOE meeting later today.
