GBP/USD witnessed a dramatic turnaround on Wednesday amid resurgent USD demand. Dismal US retail sales added to concerns over the economic fallout from the pandemic. The GBP/USD pair continued losing ground through the early North-American session and dropped to fresh weekly lows, below mid-1.2400s in post-US macro releases. Data released this Wednesday showed that the US monthly retail sales plunged 8.7% in March as compared to a fall of 8% expected and further illustrated the extent of economic fallout from the coronavirus pandemic. This comes amid mounting fears about an imminent global recession, further fueled by the International Monetary Fund (IMF) statement on Tuesday, and provided an additional boost to the already stronger US dollar. The pair extended its steep intraday slide from 100-day EMA and has now retreated over 200 pips from five-week tops set in the previous session, taking along some intraday trading stops placed near the key 1.2500 psychological mark. It will now be interesting to see if the pair is able to find any buying interest at lower levels or the current pullback marks the end of the recent strong recovery move from the 1.1400 neighbourhood or 35-year lows touched on March 20. Technical levels to watch FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next EUR/USD New York Price Forecast: Euro tumbles sub-1.0900 on disappointing US Retail Sales FX Street 2 years GBP/USD witnessed a dramatic turnaround on Wednesday amid resurgent USD demand. Dismal US retail sales added to concerns over the economic fallout from the pandemic. The GBP/USD pair continued losing ground through the early North-American session and dropped to fresh weekly lows, below mid-1.2400s in post-US macro releases. Data released this Wednesday showed that the US monthly retail sales plunged 8.7% in March as compared to a fall of 8% expected and further illustrated the extent of economic fallout from the coronavirus pandemic. This comes amid mounting fears about an imminent global recession, further fueled by the International Monetary Fund… Top Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
