On Thursday, the GBP/USD exchange rate was declining, as the 55-hour simple moving average had provided resistance.
At the start of the second half of London trading session, the pair was reaching new low levels and was expected to reach a pivot point at 1.3028.
UK Retail Sales
The British Pound depreciated against the US Dollar, following the UK Retail Sales release on Thursday at 09:30 GMT. The GBP/USD exchange currency rate lost 13 pips or 0.10% right after the release. The Pound continued trading at the 1.3090 level against the Greenback.
The Office for National Statistics released the UK Retail Sales data, which came out worse-than-expected of negative 0.6% compared with the forecast of 0.3%.
According to the official release: "The quantity bought in November 2019 fell by 0.6% when compared with the previous month, with only household goods stores reporting growth. Online sales as a proportion of all retailing was 18.7% in November 2019, compared with the 19.1% reported in October 2019."
Economic Calendar
On Friday, two data release should be watched by the GBP/USD traders. The UK Current Account with 8.3 to 38.4 pips at 09:30 GMT and the US Final GDP with 8.1 to 52.0 pips at 13:30 GMT.Meanwhile, the week's scheduled event historical data tables have been published. Click on the link below to read the article.
GBP/USD short-term review
On Thursday afternoon, the GBP/USD was heading to the monthly R1 pivot point, which was located at 1.3028.If the pivot point provides support, the pair could trade above it or aim at the resistance of the 1.3090 level.
On the other hand, in the case of the 1.3028 level being passed, the rate could test the psychological support of the round 1.3000 mark.
Hourly Chart
On the daily candle chart, the rate's decline has broken the large scale channel up pattern. Due to that reason the closest by support on the daily chart was the 55-day simple moving average at the 1.2880 level.
Daily chart
Meanwhile, trader orders were bullish. In the 100-pip range, 61% of orders were buy and 39% were to sell.