GBPUSD: Bears are on the prowl, seeking a break of 1.3120
seem to have formed strong support at 1.3160. The Fibonacci 38.2% retracement of the latest downtrend reinforces that level as well. In case sellers drag the pair below that support, the next bearish targets could be seen at 1.3130 and 1.3100 .
The data published by the UK's Office for National Statistics showed on Friday that Retail Sales in the UK declined by 0.3% on a monthly basis in February after rising by 1.9% in January. This print missed the market expectation for an increase of 0.6% by a wide margin and made it difficult for the British pound to continue to gather strength. in the UK declined to 55.5 in early March from 58 in February.
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