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FXstreet.com (Barcelona) - The pound has recovered the ground lost after the tepid data from the UK retail sales on Thursday, testing fresh session highs in the vicinity of 1.5265/70.
“The MPC retains its dovish bias and May’s meeting, coinciding with the next Inflation Report, appears to be a very close call. On balance, we stick with our forecast for no change in QE… Our GDP forecasts have been trimmed to 0.7% in 2013 (0.9% previously) and 1.4% in 2014 (from 1.5%)”, assessed Ross Walker, Analyst at RBS.
GBP/USD is now up 0.20% at 1.5271 with the next resistance at 1.5370 (high Apr.17) followed by 1.5386 (high Apr.15) and then 1.5409 (high Apr.12). On the downside, a breach of 1.5217 (low Apr.17) would then target 1.5199 (low Apr.5) and finally 1.5034 (low Apr.4).